empty
 
 
05.08.2014 12:46 AM
Daily analysis of USDX for August 04, 2014

Daily chart: The USDX had no major changes during yesterday's session, so this instrument remains strong in the bullish trend, below the resistance level of 81.50. Probably, the corrective movements could extend to the support level of 81.00, but bullish outlook still remains alive in the USDX. The MACD indicator remains in positive territory.

This image is no longer relevant

H4 chart: The USDX has moved in a range below the bullish trend line near the 81.55 level. If the USDX does make a breakout at the support level of 81.02, it's expected to fall to the level of 80.60, where the 200 SMA is located. For now, the MACD indicator remains in negative territory.

This image is no longer relevant

H1 chart: The USDX continues to find resistance at 81.40, but there are still chances that the USDX will try a breakout on the resistance level of 81.40 to move up to the level of 81.58, because the USDX is still above the 200-day moving average in this chart. The MACD indicator is entering 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 81.40, take profit is at 81.58, and stop loss is at 81.21.

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