empty
 
 
29.04.2015 02:08 PM
Daily analysis of USDX for April 29, 2015

The USDX seems to be strong at the current bearish structure in the daily chart, because the Index is trying to consolidate below the level of 96.30 and it's looking to reach the support zone of 95.00. Eventually, the USDX could accelerate lower if it does a breakout at 95.00, which could open the way to test the 200 SMA.

This image is no longer relevant


During the yesterday session, the USDX managed to consolidate below the resistance level of 96.34 and now we're expecting some bearish consolidation, but favoring the sideways moves. The 200 SMA is still pointing to the downwards and there is enough room for more falls, but the USDX could do a strong rebound at the current levels. We don't recommend to do intraday trades today.

This image is no longer relevant


Daily chart's resistance levels: 97.83 / 99.94

Dailychart's support levels: 96.30 / 95.00

H1 chart's resistance levels: 96.83 / 97.18

H1 chart's support levels: 96.34 / 95.87



Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 96.34, take profit is at 95.87, and stop loss is at 96.83.

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