USDX: daily analysis for November 05, 2013
November 5, 2013 6:15 amVideo
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Daily chart: The USDX is forming a higher low pattern below the resistance level of 80.62. If the USDX manages to break that level, it is likely that the USDX will try to consolidate above the 200-day moving average and the resistance level at 81.50. On the other hand, the USDX may do a bearish rebound at current levels and fall to the support at the level of 80.11. The MACD indicator remains in positive territory.
H4 chart: The USDX formed a fractal resistance near the level of 80.94, after this had made a bearish rebound at that level. If the USDX manages to break the support at the 80.50 level, it is expected to fall to the level of 80.08. On the other hand, if the USDX achieves in breaking the 80.94 level, it would be expected to rise to the level of 81.45. The MACD indicator is entering the extremely overbought zone and staying in negative territory.
H1 chart: The USDX performed a bearish rebound at the resistance level at 80.73. Now, the USDX is trying to break the support at the 80.59 level. If successful, it is expected to fall to the level of 80.35, which would jeopardize the current bullish trend. On the other hand, if the USDX breaks the resistance at the 80.73 level, it would be expected to rise to the level of 80.93. The MACD indicator is in the extremely oversold zone and entering neutral territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 80.73, take profit is at 80.93, and stop loss is at 80.53.
The material has been provided by InstaForex Company – www.instaforex.com
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