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FX.co ★ Daily analysis of USDX for January 06, 2014

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Forex Analysis:::2014-01-06T05:48:48

Daily analysis of USDX for January 06, 2014

Daily chart: The USDX has established itself over the level of 80.62, after it made a breakout there last Friday. Now, it is very likely that the USDX will rise to the 200 day moving average near the level of 81.05. However, this is expected to begin forming a bullish pattern below the 200 SMA to look up to the resistance level at 81.50 in the medium term. The MACD indicator is still in positive territory.

Daily analysis of USDX for January 06, 2014

H4 chart: The USDX is consolidating above the support level of 80.83. If the USDX manages to break the resistance level of 80.99, it is expected to rise to the level of 81.29. Furthermore, if the USDX achieves in break the support level of 80.83, it's expected to fall to the level of 80.75. The MACD indicator is entering extreme overbought zone and remains in positive territory.

Daily analysis of USDX for January 06, 2014

H1 chart: The Point Of Control (POC) for this week in the USDX is forming above the resistance level of 80.93. If the USDX manages to consolidate above this level, one would expect that the bullish trend to continue for some more days, as the USDX looks up to resistance level of 81.09. Furthermore, if the USDX manages to break the support level of 80.73, it's expected to fall to the level of 80.59, to fill the bullish gap. The MACD indicator is in extreme overbought zone and entering negative territory.

Daily analysis of USDX for January 06, 2014

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 80.93, take profit is at 81.09, and stop loss is at 80.77.

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