Daily Analysis of USDX for March 14, 2016
On the H1 chart, the USDX has been forming a lower low pattern, which remains supported by the level of 96.03. We can see the index to be re-testing the resistance zone of 96.61. The 200 SMA is still pointing to the downside, and we should note that the decline towards 95.44 has not been discarded yet. The MACD indicator is in the positive territory.
H1 chart's resistance levels: 96.61 / 96.98
H1 chart's support levels: 96.03 / 95.44
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks with a bearish candlestick; the support level is seen at 96.03, take profit is at 95.44, and stop loss is at 96.61.
The material has been provided by InstaForex Company - www.instaforex.com
