Daily Analysis of USDX for May 09, 2016
USDX did a rebound above the 200 SMA on the H1 chart, and probably we could be riding the bullish bias on a short-term basis, during this week at least. A breakout above the 94.06 level will open the doors to test new monthly highs around the 94.56 level, where the sellers could probably be waiting to resume the overall bearish structure.
H1 chart's resistance levels: 94.06 / 94.56
H1 chart's support levels: 93.80 / 93.52
Trading recommendations for today:
Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 93.52, take profit is at 93.26, and stop loss is at 93.79.
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