12.05.201623:38 Forex Analysis & Reviews: Daily analysis of USDX for May 13, 2016

Long-term review

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USDX is currently doing a rebound above the 200 SMA on the H1 chart, and we can see another rally toward the 94.35 level on a short-term basis. However, this bullish trend could get invalidated when the Index does a breakout of the May 11th lows, which should push the price lower below the 200 SMA. The MACD indicator is reaching overbought territory.

H1 chart's resistance levels: 94.35 / 94.61

H1 chart's support levels: 94.06 / 93.80

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 94.34, take profit is at 94.61, and stop loss is at 94.09.

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