18.05.201500:09 Forex Analysis & Reviews: Daily analysis of USDX for May 18, 2015

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.

The USDX is still trading lower and looking to reach the support zone of 92.64 on the daily chart. The current outlook still favors bears, but there are high odds of a rebound at that support level. Eventually, the USDX could test the resistance level of 93.95 again. If the USDX breaks that territory, it would be expected to rise until the psychological level of 95.00.

On the H1 chart, the support zone around the level of 93.07 is still solid and we should see a test of the resistance level of 93.85 in the short term again, because bears have faced a strong barrier on that support. Anyway, the 200 SMA is still pointing downwards and this time frame is still favoring the downside, but nothing is for sure at the moment.

Daily chart's resistance levels: 93.95 / 95.00

Dailychart's support levels: 92.64 / 91.41

H1 chart's resistance levels: 93.85 / 94.70

H1 chart's support levels: 93.07 / 92.37

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 93.07, take profit is at 92.37, and stop loss is at 93.80.

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.