Daily chart: The USDX tried to consolidate below the level of 80.62 but failed. However, in this chart, the bearish bias remains very strong, as there are high chances that the USDX start forming a bearish pattern, so a breakout at that support level could occur. On the other hand, if the USDX makes a bullish rebound at current levels, it is expected to rise to the level of 81.00. The MACD indicator is in negative territory.
H4 chart: The USDX has made a bullish rebound above the support level of 80.48 and now the USDX is trying to climb back up the 200 SMA at the level of 80.75. On the other hand, if the USDX manages to break the support level of 80.44, it is expected to fall to the level of 80.15, which is set slightly bullish trend line. The MACD indicator is oversold and entering positive territory.
H1 chart: The USDX continues to fall below the point of control (80.73), but failed to consolidate the USDX below the support level of 80.59. However, there is still the possibility that the USDX try again to make a breakout at that level to fall to the level of 80.35. On the other hand, if the USDX manages to break the resistance level of 80.73, it’s expected to rise to the level of 80.85. The MACD indicator is in positive territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 80.59, take profit is at 80.35, and stop loss is at 80.83.
The material has been provided by InstaForex Company – www.instaforex.com
Daily
chart: The USDX tried to consolidate below the level of 80.62 but
failed. However, in this chart, the bearish bias remains very strong,
as there are high chances that the USDX start forming a bearish
pattern, so a breakout at that support level could occur. On the
other hand, if the USDX makes a bullish rebound at current levels, it
is expected to rise to the level of 81.00. The MACD indicator is in
negative territory.
H4 chart: The USDX has made a
bullish rebound above the support level of 80.48 and now the USDX is
trying to climb back up the 200 SMA at the level of 80.75. On the
other hand, if the USDX manages to break the support level of 80.44,
it is expected to fall to the level of 80.15, which is set slightly
bullish trend line. The MACD indicator is oversold and entering
positive territory.
H1 chart: The USDX continues to
fall below the point of control (80.73), but failed to consolidate
the USDX below the support level of 80.59. However, there is still
the possibility that the USDX try again to make a breakout at that
level to fall to the level of 80.35. On the other hand, if the USDX
manages to break the resistance level of 80.73, it’s expected to rise
to the level of 80.85. The MACD indicator is in positive territory.
Trading recommendations for today:
Based on the H1 chart, place
sell
(short)
orders only if the USD Index
breaks with
a bearish
candlestick; the
support
level is at 80.59,
take profit is at 80.35,
and stop loss is at 80.83.
The material has been provided by InstaForex Company – www.instaforex.com
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