As we have been expecting, USDX
is currently doing a corrective move in favor of the bullish trend at
the daily chart. it also formed a fractal around the resistance level at 98.08, which could be advising us about a possible sideways
consolidation for a few days. Now, 200 SMA is still bullish and the MACD indicator is in positive territory.
The USDX still has support at
the level of 96.90 where it could perform an intraday rebound until
the resistance level at 97.60. The resistance is located around a weekly
high. For now, we should expect more corrective movments, but the
bullish trend is still alive and we should find some bullish patterns
in a coming week to trade.
resistance levels: 98.08 / 98.64
support levels: 96.97 / 95.74
H1 chart’s resistance
levels: 97.16 / 97.60
H1 chart’s support levels: 96.90
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 97.16,
take profit is at
and stop loss is at 96.70.
The material has been provided by InstaForex Company – www.instaforex.com