InstaForex - Analytics

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    Daily analysis of USDX for May 29, 2015

    As we have been expecting, USDX is currently doing a corrective move in favor of the bullish trend at the daily chart. it also formed a fractal around the resistance level at 98.08, which could be advising us about a possible sideways consolidation for a few days. Now, 200 SMA is still bullish and the MACD indicator is in positive territory.

     

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    The USDX still has support at the level of 96.90 where it could perform an intraday rebound until the resistance level at 97.60. The resistance is located around a weekly high. For now, we should expect more corrective movments, but the bullish trend is still alive and we should find some bullish patterns in a coming week to trade.

     

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    Daily chart's resistance levels: 98.08 / 98.64

    Daily chart's support levels: 96.97 / 95.74

    H1 chart's resistance levels: 97.16 / 97.60

    H1 chart's support levels: 96.90 / 96.53

    Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 97.16, take profit is at 97.60, and stop loss is at 96.70.


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