For Traders

Analytical Reviews

Technical analysis

04.01.201623:59 Forex Analysis & Reviews: Daily analysis of USDX for January 05, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On a short-term basis, the USDX has been doing some bullish moves above the support level of 98.66, after gaining strong momentum around the 200 SMA to the upside and now we can expect a rally towards the 99.07 level to test again that high. We cannot discard a pullback that could be extended to the support level of 98.66. The MACD indicator is at the positive territory.

H1 resistance levels: 98.90 / 99.07

H1 support levels: 98.66 / 98.14

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 98.90, take profit is at 99.07, and stop loss is at 98.72.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.