Bulls are currently
dominating the USDX’s general bias and already finished forming a
higher high pattern on the daily chart. Remember that the nearest
target in the upside road is the resistance level of 96.96, a zone
that could be reached before the end of this week. Also, don’t forget
that the USDX could form another bullish pattern.
The bullish structure is also strong
on the H1 chart, as the USDX is trying to consolidate above the level of 96.08. All the targets are pointing to the upwards and we could see
this instrument reaching the resistance zone of 96.85 in a short-term
bias. However, be cautious because the MACD indicator could show us a
bullish divergence in the coming hours.
resistance levels: 96.96 / 98.01
support levels: 95.45 / 94.18
H1 chart’s resistance
levels: 96.08 / 96.85
H1 chart’s support levels: 95.52
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
candlestick. The resistance
level is at 96.08,
take profit is at
and stop loss is at 95.31.
The material has been provided by InstaForex Company – www.instaforex.com