Daily Analysis of USDX for May 16, 2016

Daily Analysis of USDX for May 16, 2016

16 May 2016, 09:42
Roberto Jacobs
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Daily Analysis of USDX for May 16, 2016

On the H1 chart, USDX has been riding a strong bullish bias since a rebound was performed from the 200 SMA (May 11th). Currently, new highs could be reached as soon as the Index does a breakout above the psychological zone of 95.00, but the current structure could be telling us about a possible corrective move which could re-test the 94.35 level.


USDXH1.png


H1 chart's resistance levels: 94.61 / 94.81

H1 chart's support levels: 94.35 / 94.06

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 94.61, take profit is at 94.81, and stop loss is at 94.41.


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