The index is looking to perform a consolidation above the support level of 97.27, and we can expect further rallies towards the 97.74 level. A breakout higher can lead it to reach higher levels in coming days. The bullish bias will remain alive, at least until this Wednesday, before the Fed’s interest rate decision takes place. The MACD indicator is showing overbought conditions.
H1 chart’s resistance levels: 97.74 / 98.23
H1 chart’s support levels: 97.27 / 96.60
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.27, take profit is at 97.74 and stop loss is at 97.24.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The index is looking to perform a consolidation above the support level of 97.27, and we can expect further rallies towards the 97.74 level. A breakout higher can lead it to reach higher levels in coming days. The bullish bias will remain alive, at least until this Wednesday, before the Fed’s interest rate decision takes place. The MACD indicator is showing overbought conditions.
H1 chart’s resistance levels: 97.74 / 98.23
H1 chart’s support levels: 97.27 / 96.60
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.27, take profit is at 97.74 and stop loss is at 97.24.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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