Daily Analysis of USDX for May 05, 2016
USDX continues to move sideways, but it's still trading into a corrective tone above the support zone of 92.91. The H1 chart is showing us that the price is close to the 200 SMA, where it could pull back to resume the decline. However, if the Index succeeds in breaking the support level of 92.91, then it could extend the fall toward the 92.56 price zone.
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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