Daily analysis of USDX for August 21, 2014 Daily chart: The USDX has had a strong bullish momentum above the level of 82.00. So, this instrument is likely to rise soon to the resistance level of 82.51. If the USDX manages to make a breakout at that level, its expected to rise to the resistance level of 83.22. However, the USDX could begin to form a bullish pattern. The MACD indicator remains in the positive territory. H4 chart: The USDX is very close to the bullish trend line at the level of 82.60. If the USDX manages to make a breakout at that level, it is expected to rise to the level of 83.00 in the medium term. The USDX is being kept above the 200-day moving average. The MACD indicator remains in the positive territory. H1 chart: The USDX has formed a fractal close to the resistance level of 82.02. If USDX manages to make a breakout at that level, the next target would be the resistance level of 82.32, which would be a bullish consolidation, since the USDX remains above the 200 SMA. The USDX is entering the overbought area and is staying in the negative territory. Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 82.32, take profit is at 82.50, and stop loss is at 82.15. The material has been provided by InstaForex Company - instaforex
Posted on: Thu, 21 Aug 2014 07:52:10 +0000
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