Daily chart: The USDX has found strong resistance at the level of 80.62 and is now likely to last until the fall in the support level of 80.11. If the USDX manages to break that level, it would be expected to fall to the level of 79.19. Keep in mind that this could be the continuation of the bearish trend that has been handling the USDX in recent months. The MACD indicator is still in positive territory.
H4 chart: The USDX is consolidating below the 200-day moving average, after it has formed a fractal near the resistance level of 80.65. Now, the USDX is trying to break the bearish trend line nearby. If successful, it is expected to fall to a support level of 80.09. The MACD indicator is still in negative territory.
H1 chart: Tel USDX has found resistance at the level of80.59 and now, this is trying to consolidate below resistance at the level of80.35. It is likely that the fall extends to the support level of 80.15. On the other hand, if the USDX makes a bullish rebound at current levels, it is expected to rise to the level of 80.59. The MACD indicator is still in negative territory .
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks a bearish candlestick; the support level is at 80.35, take profit is at 80.15, and stop loss is at 80.55.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX has found strong resistance at the level of 80.62 and is now likely to last until the fall in the support level of 80.11. If the USDX manages to break that level, it would be expected to fall to the level of 79.19. Keep in mind that this could be the continuation of the bearish trend that has been handling the USDX in recent months. The MACD indicator is still in positive territory.
H4 chart: The USDX is consolidating below the 200-day moving average, after it has formed a fractal near the resistance level of 80.65. Now, the USDX is trying to break the bearish trend line nearby. If successful, it is expected to fall to a support level of 80.09. The MACD indicator is still in negative territory.
H1 chart: Tel USDX has found resistance at the level of80.59 and now, this is trying to consolidate below resistance at the level of80.35. It is likely that the fall extends to the support level of 80.15. On the other hand, if the USDX makes a bullish rebound at current levels, it is expected to rise to the level of 80.59. The MACD indicator is still in negative territory .
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks a bearish candlestick; the support level is at 80.35, take profit is at 80.15, and stop loss is at 80.55.
The material has been provided by InstaForex Company – www.instaforex.com
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