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02.05.2016 11:41 PM
Daily analysis of USDX for May 03, 2016

USDX continues to extend the strong decline below the 200 SMA on the H1 chart, which is also strongly pointing to the downside. Currently, the Index is finding a bottom around the 92.56 level, where a small rebound can happen to test the resistance at the 92.91 level, in a corrective way. The MACD indicator is still hovering on the neutral territory, which could be the indicator that a correction is coming soon.

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H1 chart's resistance levels: 92.91 / 93.26

H1 chart's support levels: 92.56 / 91.91

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 92.56, take profit is at 91.91, and stop loss is at 93.20.

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