Daily Analysis of USDX for May 23, 2016

Daily Analysis of USDX for May 23, 2016

23 May 2016, 08:45
Roberto Jacobs
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Daily Analysis of USDX for May 23, 2016

The index still trades sideways to higher levels, consolidating gains above the support at 95.22, where we expect to see a rebound to test the next resistance placed around 95.68 area. A breakout above it will open doors to reach new highs, the first target lies at 96.14 level. MACD indicator, however, is entering into negative territory, so be cautious when adding more long orders at the current stage.


USDXH1.png


H1 chart's resistance levels: 95.68 / 96.14

H1 chart's support levels: 95.22 / 94.89

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 95.68, take profit is at 96.14, and stop loss is at 95.20.


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