empty
 
 
01.08.2014 01:37 AM
Daily analysis of USDX for August 01, 2014

Daily chart: The USDX found resistance at the 81.50 level, since the USDX has made a pullback at that level. In addition, the USDX could start making corrective movements, because the USDX has been very overbought, so it is very normal for the USDX moves in range for a few days.

This image is no longer relevant

H4 chart: The USDX is trying to establish itself over the bullish trend line at the level of 81.45. However, keep in mind that the USDX has formed two fractals above this level, so the USDX could make a pullback and fall to the support level of 81.02. The MACD indicator is in the overbought zone.

This image is no longer relevant

H1 chart: The USDX has found resistance near to the 81.58 level, so the USDX continues to move in a range above the support level of 81.40. If the USDX does make a breakout at the level of 81.58, it's expected to rise to the resistance level of 81.73, which would strengthen the bullish trend. The MACD indicator is in negative territory.

This image is no longer relevant

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 81.58, take profit is at 81.73, and stop loss is at 81.44.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback