The USDX seems to be strong at the current bearish structure in the daily chart, because the Index is trying to consolidate below the level of 96.30 and it’s looking to reach the support zone of 95.00. Eventually, the USDX could accelerate lower if it does a breakout at 95.00, which could open the way to test the 200 SMA.
During the yesterday session, the USDX managed to consolidate below the resistance level of 96.34 and now we’re expecting some bearish consolidation, but favoring the sideways moves. The 200 SMA is still pointing to the downwards and there is enough room for more falls, but the USDX could do a strong rebound at the current levels. We don’t recommend to do intraday trades today.
Daily chart’s resistance levels: 97.83 / 99.94Dailychart’s support levels: 96.30 / 95.00H1 chart’s resistance levels: 96.83 / 97.18H1 chart’s support levels: 96.34 / 95.87
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 96.34, take profit is at 95.87, and stop loss is at 96.83.
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.
| ||
Performed by Felipe Erazo, Analytical expert InstaForex Group © 2007-2015 |
Daily analysis of USDX for April 29, 2015
No comments:
Post a Comment