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Daily analysis of USDX for August 31, 2015

The USDX could start to form a bullish pattern (higher high) above the support level of 95.83, where we should expect bullish continuation towards the level of 96.64 . The current price action is still favoring bulls on a mid-term basis, so the Index could reach the level of 97.08 after a breakout of the resistance mentioned above.

USDXDaily.png

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In the H1 chart, the USDX is currently moving in a bullish trend, which could be extended more above the 200 SMA. That is why there is a higher high pattern formed below the resistance level of 96.09. If a breakout takes place over there, the USDX will test the level of 96.39 in the coming hours at least. The MACD indicator is entering the negative territory.

USDXH1.png

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Daily chart's resistance levels: 96.64 / 97.08

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 96.08 / 96.39

H1 chart's support levels: 95.68 / 95.33

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 seen at 96.08, take profit is at 96.39, and stop loss is at 95.77.



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