Daily chart: The USDX had a great day yesterday trending upwards, because the U.S. President Barack Obama announced the nomination of Janet Yellen to replace Ben Bernanke at the Federal Reserve Chairman’s position from 2014. The USDX manages to consolidate above support at the 80.11 level and now the USDX is trying to break the resistance at the 80.62 level. One would expect the USDX moving up to resistance at 81.50, if it manages to make a breakout at 80.62 level. The MACD indicator remains in positive territory and extreme oversold zone.
H4 chart: The USDX is looking up to the 200-day moving average, because this failed to break the resistance at the 80.09 level. If the USDX manages to break the resistance at the 80.50 level, it is expected to rise to the level of 80.65. On the other hand, USDX is likely to conduct a bearish rebound at current levels and fall again to the level of 80.09. The MACD indicator remains in positive territory.
H1 chart: The USDX managed to consolidate above the 200-day moving average and above the support at the 80.35 level. If the USDX manages to break the resistance at the 80.59 level, it would be expected to rise to the level of 80.73. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the level of 80.35. The USDX could form a lower high pattern in the coming hours. The MACD indicator is entering positive territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks a bullish candlestick; the resistance level is at 80.59, take profit is at 80.73, and stop loss is at 80.44.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX had a great day yesterday trending upwards, because the U.S. President Barack Obama announced the nomination of Janet Yellen to replace Ben Bernanke at the Federal Reserve Chairman’s position from 2014. The USDX manages to consolidate above support at the 80.11 level and now the USDX is trying to break the resistance at the 80.62 level. One would expect the USDX moving up to resistance at 81.50, if it manages to make a breakout at 80.62 level. The MACD indicator remains in positive territory and extreme oversold zone.
H4 chart: The USDX is looking up to the 200-day moving average, because this failed to break the resistance at the 80.09 level. If the USDX manages to break the resistance at the 80.50 level, it is expected to rise to the level of 80.65. On the other hand, USDX is likely to conduct a bearish rebound at current levels and fall again to the level of 80.09. The MACD indicator remains in positive territory.
H1 chart: The USDX managed to consolidate above the 200-day moving average and above the support at the 80.35 level. If the USDX manages to break the resistance at the 80.59 level, it would be expected to rise to the level of 80.73. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the level of 80.35. The USDX could form a lower high pattern in the coming hours. The MACD indicator is entering positive territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks a bullish candlestick; the resistance level is at 80.59, take profit is at 80.73, and stop loss is at 80.44.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: