Daily Analysis of USDX for May 04, 2016
At H1 chart, USDX made some gains and broke the psychological level of 93.00, as the Index is trying to extend the correction of the decline held from April 22 on a short-term basis. The short-term resistance is located at the 93.26 level, where a breakout higher will push the USDX to test the 93.52 level, which is also very close to the current 200 SMA position.
H1 chart's resistance levels: 93.26 / 93.52
H1 chart's support levels: 92.91 / 92.56
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 92.91, take profit is at 92.56, and stop loss is at 93.26.
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