Daily analysis of USDX for March 03, 2017

USDX is looking once again to break above 102.39, as the bulls are trying to gather some momentum for the short-term. If the index manages to consolidate above that area, then we can expect some rallies to reach 103.40. However, as the week is coming to an end, we should witness some corrective moves to test the 101.39 level. MACD indicator is entering at the neutral territory.

H1 chart’s resistance levels: 102.39 / 103.40

H1 chart’s support levels: 101.39 / 100.44

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 102.39, take profit is at 103.40 and stop loss is at 101.35.

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

Source:: Daily analysis of USDX for March 03, 2017