31.12.201414:24 Forex Analysis & Reviews: Daily analysis of USDX for December 31, 2014

Long-term review

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On the daily chart, the USDX has made a pullback on the level of 90.37 to form a higher high pattern, since this instrument has formed a fractal below the low levels played a couple of days ago, which would give some strength to the USDX. However, due to so pronounced movement that has had the USDX in the medium term, this instrument could fall to the level of 88.63.

Dailychart's resistance levels: 90.40 / 93.44

Dailychart's support levels: 88.63 / 87.35

In the last hours, the USDX has just tried to do a bullish consolidation above the 90.01 level, but without success. These movements have only a very solid technical explanation that the volume of trading of the New Year's eve is being present, because the USDX has low range movements and MACD indicator is a proof of this, as it is in the neutral territory.

H1 chart's resistance levels: 90.01 / 90.26

H1 chart's support levels: 89.76 / 89.51

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 90.01, take profit is at 90.26, and stop loss is at 89.75.

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