Daily analysis of USDX for May 22, 2017


The US dollar index remains strongly bearish, now looking for a consolidation below the 97.00 psychological level. The nearest support lies around 96.90, which should open the doors to test the level of 96.25. This is the preferred scenario, taking into consideration that the 200 SMA on the H1 chart is pointing to the downside. MACD indicator is in the negative territory, favoring the bearish scenario.

H1 chart’s resistance levels: 97.41 / 98.11

H1 chart’s support levels: 96.90 / 96.25

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 found at 96.90, take profit is at 96.25 and stop loss lies at 97.56.

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

Source:: Daily analysis of USDX for May 22, 2017

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