Daily Analysis of USDX for June 01, 2016

Daily Analysis of USDX for June 01, 2016

1 June 2016, 10:12
Roberto Jacobs
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Daily Analysis of USDX for June 01, 2016

The greenback remains strong in the mid term, as the 200 SMA is still a dynamic support on the H1 chart. The next resistance is still placed around the 96.03 level, where a breakout can happen to resume the bullish bias, but a pullback cannot be discarded, as the MACD indicator is reaching overbought conditions on this timeframe.


USDXH1.png


H1 chart's resistance levels: 96.03 / 96.56

H1 chart's support levels: 95.68 / 95.22

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 96.03, take profit is at 96.56, and stop loss is at 95.50.

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