Daily analysis of USDX for February 17, 2014
February 17, 2014 5:05 amVideo
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Daily
chart: The USDX fell to a critical level, as the support level of 80.11 was quite strong and served as strong support for the USDX for several weeks. However, if the USDX does make a breakout
at that level, it would be expected to fall to the level of 79.19. On
the other hand, if the USDX does make a bullish rebound at current
levels, it is expected to rise to the resistance level of 80.62. The
MACD indicator is in negative territory.
H4 chart: The USDX continues
to fall below the 200-day moving average as the USDX is trying to
consolidate below the bullish trend line near the 80.20 level. If the
USDX manages to break the support level of 80.09, it’s expected to
fall to the level of 79.81. On the other hand, it is very likely that
the USDX will start making movements against the current trend. The MACD
indicator is in negative territory.
H1 chart: The USDX opened this
week with a little bearish gap below the resistance level of 80.15.
It is very likely that the USDX extended its fall to the support
level of 79.88. However, current levels could serve as strong
support in the USDX, so we must be careful when placing sell orders
for now. The MACD indicator is entering neutral territory.
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 80.15,
take profit is at 79.88,
and stop loss is at 80.43.
The material has been provided by InstaForex Company – www.instaforex.com
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