#USDX has the potential to weaken toward its nearest support level | Market Forecast

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[#USDX]

If we pay attention to both EMA which is in a Death Cross as well as RSI(14) has approaching the Overbought level, then there is potential in the near term for #USDX to weaken toward its nearest support.

Key Levels

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1. Resistance. 2 : 100.13

2. Resistance. 1 : 99.83

3. Pivot : 99.55

4. Support. 1 : 99.25

5. Support. 2 : 98.97

Tactical Scenario

Pressure Zone: If the price breaks down below 99.55, there is potential pressure toward 99.25.

Momentum Extension Bias: If 99.25 is broken, 98.97 is likely to be tested.

Invalidation Level / Bias Revision

The downside bias is restrained if #USDX strengthens and breaks out above 100.13.

Technical Summary

EMA(50) : 99.65

EMA(200): 99.84

RSI(14) : 68.99

Economic News Release Agenda:

Today the United States will release the following economic data:

US - Challenger Job Cuts y/y - 18:30 WIB

US - Unemployment Claims - 19:30 WIB

US - Trade Balance - 19:30 WIB

US - Natural Gas Storage - 21:30 WIB

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