InstaForex - Analytics

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    Daily analysis of USDX for November 04, 2015

    USDX is forming a higher high pattern above the support level of 97.16 in an effort to reach new highs this week. 200 SMA is favoring this scenario, because it's slightly bullish. Besides, bear in mind the current structure is configured to visit the highs from the October 28th session, as the Index found dynamic support over that moving average. MACD indicator is entering the negative territory as H1 chart shows.

    USDXH1.png

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    H1 chart's resistance levels: 97.16 / 97.51

    H1 chart's support levels: 96.71 / 96.40

    Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.16, take profit is at 97.51, and stop loss is at 96.81.


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