USDX hovers around the 200 SMA without a clear direction across the board, but it remains on the bearish side, as the price action is consolidating below the moving average. The next support lies at 92.70, and if that level gives up we can expect further declines towards the support zone of 91.85 in the short-term. MACD indicator still is moving in the positive territory, favoring to the bulls.
H1 chart’s resistance levels: 93.60 / 93.98
H1 chart’s support levels: 92.70 / 91.85
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 92.70, take profit is at 91.85 and stop loss is at 93.53.
The material has been provided by InstaForex Company – www.instaforex.com
USDX hovers around the 200 SMA without a clear direction across the board, but it remains on the bearish side, as the price action is consolidating below the moving average. The next support lies at 92.70, and if that level gives up we can expect further declines towards the support zone of 91.85 in the short-term. MACD indicator still is moving in the positive territory, favoring to the bulls.
H1 chart’s resistance levels: 93.60 / 93.98
H1 chart’s support levels: 92.70 / 91.85
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 92.70, take profit is at 91.85 and stop loss is at 93.53.
The material has been provided by InstaForex Company – www.instaforex.com
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