empty
 
 
11.05.2015 12:10 PM
Daily analysis of USDX for May 11, 2015

In the daily chart, there is still a battle between bulls and bears because the support level of 93.95 is very strong and the index is trying to break the resistance level of 95.00 to rally towards the resistance zone of 96.30.. If that move happens, it would be expected to reach new highs in the medium term, as the USDX is having a bullish momentum.

This image is no longer relevant


There is still a dynamic resistance in the H1 chart, because the USDX is trading very close and below the zone where the 200 SMA (95.34) is located . Currently, we want to see some sideways consolidation before some significant move. All indicates that the bullish side has high odds to become successful in the current outlook.

This image is no longer relevant


Daily chart's resistance levels: 95.00 / 96.30

Dailychart's support levels: 93.95 / 92.64

H1 chart's resistance levels: 95.34 / 95.94

H1 chart's support levels: 94.70 / 93.85



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 94.70, take profit is at 93.85, and stop loss is at 95.56.

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 $1000 more!
    In June we raffle $1000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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