fbUSDIDX Forecast | Slowing durable goods orders bearish for USDIDX | IFCM UK

Technical Analysis USDIDX : 2020-07-28

Recommendation for US Dollar Index:

Neutral
Strong SellSellNeutralBuyStrong Buy

Below 93.55

Sell Stop

Above 93.98

Stop Loss

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Senior Analytical Expert
Articles 1572
IndicatorValueSignal
RSI Neutral
MACD Sell
Donchian Channel Buy
MA(200) Sell
Fractals Neutral
Parabolic SAR Buy

Chart Analysis

IFC Markets Tech Analysis

On 1-hour timeframe USDIDX: H1 is retracing lower under the 200-period moving average MA(200) which is falling. We believe the bearish momentum will continue after the price breaches below the lower boundary of Donchian channel at 93.55. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 93.98. After placing the order, the stop loss is to be moved every day to the next fractal high, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (93.98) without reaching the order (93.55), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis

US core durable goods orders slowed in June. Will the USDIDX continue falling?

US core durable goods orders slowed in June: core durable goods orders slowed to 3.3% over month in June from 3.7% in May, when a decline to 3.5% was expected. This is bearish for USDIDX.

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