Daily analysis of USDX for May 05, 2015
May 5, 2015 10:30 amVideo
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The USDX is recovering from losses and looking to reach the resistance zone of 96.30 on the daily chart because the index is still strong and the structure is calling for more upside moves. As we noted in the recent articles, the correction
move could have been finished on the USDX and that is why we want to
look for bullish trades.
On the H1 chart, the USDX is still trading
below the 200 SMA but it is approaching that zone as the index is
getting supported by the level of 96.34 in the short term. We could
expect testing of that moving average very soon because the
bullish bias is still alive and the USDX could be reaching new short-term
highs.
Daily chart’s
resistance levels: 96.30 / 97.29
Dailychart’s
support levels: 95.00 / 93.95
H1 chart’s resistance
levels: 95.87 / 96.23
H1 chart’s support levels: 95.34
/ 94.70
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 95.34,
take profit is at
94.70,
and stop loss is at 95.99.
The material has been provided by InstaForex Company – www.instaforex.com
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