InstaForex - Analytics

    InstaForex

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    Daily analysis of USDX for November 12, 2015

    On the H1 chart, the USDX is looking for an opportunity to break the resistance level of 99.25, but sellers are still very strong in that zone and that's why we can observe some strong pullbacks in lower time frames, such as 30M charts. Currently, the view is calling for a test at the 200 SMA on a short-term basis. A rebound could happen when the index finds bottom there. The MACD indicator is entering the negative territory.

    USDXH1.png

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    H1 chart's resistance levels: 99.25 / 99.80

    H1 chart's support levels: 98.31 / 98.03

    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 99.25, take profit is at 99.80, and stop loss is at 98.71.


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