03.10.201718:24 Forex Analysis & Reviews: Daily analysis of USDX for October 04, 2017

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 managed to retrace during Tuesday's session and it can test the 200 SMA on the H1 chart, which is approaching the current price. If the index does a breakout above 94.04, it is expected to test the resistance level of 94.58. Overall, the index shows a price action in favor of the bulls. The MACD indicator is in the negative territory, favoring an extension of the decline.

H1 chart's resistance levels: 94.04 / 94.58

H1 chart's support levels: 93.00 / 91.67

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 94.04, take profit is at 94.58 and stop loss is at 93.50.

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.