Daily analysis of USDX for August 31, 2015

The USDX could start to form a bullish pattern (higher high) above the
support level of 95.83, where we should expect bullish continuation
towards the level of 96.64 . The current price action is still favoring bulls on a mid-term basis, so the Index could reach the level of 97.08 after a breakout of the resistance mentioned above.

USDXDaily.png

In the H1 chart, the USDX is currently moving in a bullish trend, which could be extended more above the 200
SMA. That is why there is a higher high pattern formed below the
resistance level of 96.09. If a breakout takes place over there, the
USDX will test the level of 96.39 in the coming hours at least. The MACD
indicator is entering the negative territory.

USDXH1.png

Daily chart’s
resistance levels: 96.64 / 97.08

Daily chart’s
support levels: 95.83 / 95.26

H1 chart’s resistance
levels: 96.08 / 96.39

H1 chart’s support levels: 95.68
/ 95.33

Trading recommendations for today:
Based on the H1 chart, place
buy
(long)
orders only if the US Dollar Index
breaks with
a bullish
candlestick;
the resistance
level is seen at 96.08,
take profit is at
96.39,
and stop loss is at 95.77.

The material has been provided by InstaForex Company – www.instaforex.com

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