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USDX Daily Analysis for August 08, 2013
Daily chart: The USDX is trying to consolidate below the 200 day moving average, after falling below the support at the 81.50 level. It’s likely that the USDX will fall until the next support at the level of 80.62, but during this fall the USDX could form a higher low pattern. On the other hand, if the USDX managed to break the resistance at the 81.50 level, would be expected to rise to the level of 82.00, which houses the SMA 200. The MACD indicator remains in negative territory and still shows no signs of extreme oversold.
H4 chart: The USDX is trying to break the support at the 81.33 level. If the USDX manages to break that level, it is expected to fall to the level of 80.94. For now, the USDX is forming a higher low pattern and if the USDX manages to consolidate above the 81.33 level, it is expected to rise again to the resistance at the 81.72 level. The USDX continues to develop its bearish trend on this chart and this still shows no signs of a turnaround. However, you may well begin to make corrective movements. The MACD indicator remains in negative territory.
H1 chart: Near the resistance level at 81.58, there is formed a Point of Control (POC), below the SMA 200. This could indicate that the USDX is very weak and bearish trend continues to strengthen with the passage of time. If the USDX achieved in breaking the support at the 81.09 level, would be expected to drop to the level of 80.93. On the other hand, if the USDX managed to break the resistance at 81.40 would be expected to rise to the level of 81.80. The MACD indicator remains in neutral territory and showing extreme oversold levels, so we must be careful to do intraday trading with the USDX.
Fundamental outlook: For today’s session, will be published the Unemployment Claims at 12:30 GMT in the United States (Previous: 326K / Forecast: 336K).
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks a bearish candlestick; the support level is at 81.09, take profit is at 80.93, and stop loss is at 81.24.
Source: www.instaforex.com
