USDX: daily analysis for November 08, 2013
November 8, 2013 6:15 amVideo
Latest News
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
Daily chart: The USDX manages to break the resistance at the 80.62 level with a lower high pattern. The USDX tried to rise to the resistance level at 81.50, but this fell rapidly to the level of 80.83. If the USDX breaks the support level of 80.62, it is expected to drop to the level of 80.11. On the other hand, it is very likely that the USDX has an upward rebound to resistance at 81.50 level. MACD indicator remains in positive territory.
H4 chart: The USDX failed to consolidate above the resistance at the 80.94 level; close to that level, the USDX formed a fractal. Now, the USDX is finding support at the 80.87 level, close to many other levels, which are also strong support. If the USDX manages to break the resistance at 80.94 level, it would be expected to rise to the level of 81.55. The MACD indicator remains in positive territory.
H1 chart: The USDX found strong resistance at 81.40 and there, this was a sharp drop to the support at the 80.73 level. Now, it is not clear what kind of pattern is currently forming the USDX. However, if the USDX manages to break the resistance level of 80.93, it would be expected to rise to the level of 81.09. Furthermore, if the USDX achieves in breaking the support level of 80.83, it is expected to drop to the level of 80.59. The MACD indicator remains in negative 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 80.93, take profit is at 81.09, and stop loss is at 80.78.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: