Daily chart: The USDX is set to fall and now is trying to make a breakout in the support level of 80.11. If successful, it is expected to extend its fall to the support level of 79.19, but we must be careful when placing sell orders, as the USDX formed fractals near the level of 79.70, which could curb future falls in USDX. The MACD indicator is in extreme overbought and entering negative territory.
H4 chart: The USDX dynamic resistance found in the 200 SMA, where it has formed a fractal. Now the USDX is below the resistance level of 80.09, forming a higher low pattern. If the USDX manages to break the bullish trend line near the level of 79.90, would be expected to fall to the level of 79.76. The MACD indicator is in negative territory .
H1 chart: The USDX had a fall from resistance at the level of 80.35, where the 200 SMA is located and now the USDX is forming a higher low pattern above the support level of 79.88. If the USDX manages to break this support level, would be expected to fall to the level of 79.64. The MACD indicator is in extremely oversold zone and is in positive territory. In addition, the Point Of Control (POC) is forming closer near the level of 80.50, so our outlook remains bearish.
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 79.88, take profit is at 79.64, and stop loss is at 80.11.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX is set to fall and now is trying to make a breakout in the support level of 80.11. If successful, it is expected to extend its fall to the support level of 79.19, but we must be careful when placing sell orders, as the USDX formed fractals near the level of 79.70, which could curb future falls in USDX. The MACD indicator is in extreme overbought and entering negative territory.
H4 chart: The USDX dynamic resistance found in the 200 SMA, where it has formed a fractal. Now the USDX is below the resistance level of 80.09, forming a higher low pattern. If the USDX manages to break the bullish trend line near the level of 79.90, would be expected to fall to the level of 79.76. The MACD indicator is in negative territory .
H1 chart: The USDX had a fall from resistance at the level of 80.35, where the 200 SMA is located and now the USDX is forming a higher low pattern above the support level of 79.88. If the USDX manages to break this support level, would be expected to fall to the level of 79.64. The MACD indicator is in extremely oversold zone and is in positive territory. In addition, the Point Of Control (POC) is forming closer near the level of 80.50, so our outlook remains bearish.
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 79.88, take profit is at 79.64, and stop loss is at 80.11.
The material has been provided by InstaForex Company – www.instaforex.com
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