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17.07.201623:22 Forex Analysis & Reviews: Daily analysis of USDX for July 18, 2016

Long-term review

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USDX is looking to trade higher during this week, as it's attempting to break last week's lows, and the next focus could be on the 97.74 level in a short-term view. If the Index manages to do a pullback at the current stage, then it can decline to the 95.89 level, where a breakout should open the doors to test the 95.20 level. The MACD indicator is reaching overbought conditions and favouring that scenario.

H1 chart's resistance levels: 96.60 / 97.74

H1 chart's support levels: 95.89 / 95.20

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 96.60, take profit is at 97.74 and stop loss is at 95.47.

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