Daily analysis of USDX for August 30, 2016

The greenback started to retreat during Monday’s session, following last Friday’s gains obtained thanks to Yellen’s speech. Currently, a breakout above the resistance zone of 95.79 should
expose the index to the the next key interest area for sellers at the 96.14 level. If
the correction on the USDX goes deeper, then it can decline to the
95.00 level which coincides with the 200 SMA.

1472500256_USDXH1.png

H1 chart’s resistance
levels: 95.79 / 96.14

H1 chart’s support levels: 95.49
/ 95.00

Trading recommendations for today:
Based on the H1 chart, place
buy
(long)
orders only if the USD Index
breaks with
a bullish
candlestick;
the resistance
level is at
95.79,
take profit lies at
96.14
and stop loss is at 95.45.

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

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