Daily Analysis of USDX for April 22, 2016
The H1 chart picture is showing a strong rebound from the support level of 94.08, where the bulls are pushing the USDX higher to above the 200 SMA. The overall picture is still in a bearish tone and a pullback can possibly happen to reach new lows. Another scenario will be bullish as long as the USDX breaks the 95.01 level with a higher high pattern.
H1 chart's resistance levels: 94.85 / 95.01
H1 chart's support levels: 94.40 / 94.08
Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.40, take profit is at 94.08, and stop loss is at 94.72.
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