The donwside is still present on the USDX as it is trading below the resistance level of 95.00 and we could expect more lower moves to the support zone of 93.95 if the Index forms a lower low pattern in this direction. The 200 SMA on the daily chart is turning to neutral territory and we could expect some kind of sideways consolidation on coming Monday.
The index is still finding strong support at the level of 94.70. It Is highly probable that it could test the resistance level of 95.34 during this rebound. Anyway, THE USDX could rally towards the 200 SMA if it makes a breakout at the level of 95.87. On the other side, the USDX could be looking for new lows if the Index breaks the support zone at the level of 94.05.
Daily chart’s resistance levels: 95.00 / 96.30Dailychart’s support levels: 93.95 / 92.68H1 chart’s resistance levels: 95.34 / 95.87H1 chart’s support levels: 94.70 / 94.05
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 94.70, take profit is at 94.05, and stop loss is at 95.34.
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 © 2007-2015 |
Daily analysis of USDX for May 01, 2015
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