05.11.201400:50 Forex Analysis & Reviews: Daily analysis of USDX for November 05, 2014

Long-term review

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At the H4 chart, the USDX continues to find strong resistance at the 87.35 level, and now, the USDX is finding support in the bullish trend line, at the level of 87.00. This area could give a new bullish momentum to the USDX, so it is advisable to be aware of a possible rebound. The MACD indicator remains in negative territory.

H4chart's resistance levels: 87.35 / 87.93

H4chart's support levels: 87.00 / 86.75

The USDX has made a rebound on the 86.90 level, where this instrument has formed a fractal. The next goal on the bullish road continues to be the level of 87.28, but remember that the USDX has lost ground during the last few hours and possibly the USDX is forming a bearish pattern to fall to the level of 86.72. The MACD indicator is entering neutral territory.

H1 chart's resistance levels: 87.28 / 87.58

H1 chart's support levels: 87.00 / 86.72

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 87.28, take profit is at 87.58, and stop loss is at 87.00.

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