Daily analysis of USDX for August 19, 2016

Source: Forex Analysis

USDX keeps weakening across the board and now it’s finding support at the 94.07 level, where a rebound should happen. The main scenario is calling for a corrective move, as the decline has been showing very mature and lower time frames are showing some signs of an oversold market. MACD indicator is still in the negative territory.

USDXH1.png

H1 chart’s resistance levels: 94.32 / 94.65

H1 chart’s support levels: 94.07 / 93.49

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 94.07, take profit is at 93.49 and stop loss is at 94.65.

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