Dailychart: The USDX continues to find support on the 200-day movingaverage, so our hypothesis that the USDX try to climb to theresistance level of 81.50 remains standing. However, a consolidationbelow the 200 SMA, could lead the USDX to fall to the support levelof 80.62 and possibly to the 80.11 level. The MACD indicator remainsin positive territory.
H4 chart: During yesterday’ssession, the USDX made no significant changes since the USDX remainedabove the 200 SMA and above the support level of 80.99. A breakout onthe resistance level of 81.39, could lead the USDX has up to thelevel of 81.80, which is located one bullish trend line. The MACDindicator is still in negative territory.
H1 chart: The USDX founddynamic support on the moving average of 200, so it is very likelythat this bullish rebound extends above the resistance level of81.09, having as main objective the level of 81.19. Furthermore, ifthe USDX breaks the support level of 80.93, it’s expected to fall tothe level of 80.73. The MACD indicator is in negative territory.
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Trading recommendations for today:Based on the H1 chart, placebuy(long)orders only if the USD Indexbreaks witha bullishcandlestick; theresistancelevel is at 81.09,take profit is at 81.19,and stop loss is at 81.00.
Felipe Erazo is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.
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Performed by Felipe Erazo, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of USDX for February 06, 2014
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