Daily analysis of USDX for May 04, 2018

USDX is trapped in a consolidation around the resistance level of 92.62, where a pullback could take place in order to plummet once again towards the 200 SMA, where a dynamic support could be found. There is enough momentum to follow the bulls in the short-term, with the main focus placed at 93.42. However, a breakout below 91.86 should open the doors to test the 90.46 level.

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H1 chart's resistance levels: 92.62 / 93.42

H1 chart's support levels: 91.86 / 90.46

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bearish candlestick; the support level is at 9262, take profit is at 93.42 and stop loss is at 91.84.

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