Daily chart: USDX is consolidating below the resistance level of 80.11 with a higher low pattern, so USDX is likely to continue falling below this level, reaching the support level of 79.19 in the long term. However, USDX formed a fractal near the level of 79.85, so USDX may perform a bullish rebound and achieve again consolidation above the level of 80.11. The MACD indicator is in negative territory.
H4 chart: The USDX has found support near the 79.95 level. However, the weakness in the U.S. dollar remains as the USDX remains below the 200 SMA. However, if the USDX does make a breakout at the support level of 79.76, it’s expected to fall to the level of 79.69. On the other hand, if the USDX manages to break the bullish trend line near the 80.25 level, it is expected to rise to the level of 80.44. The MACD indicator is in neutral territory.
H1 chart: The USDX is looking for support at the point of control near the 80.00 level, so it is likely to fall to the level of 79.88. If the USDX does make a breakout at the support level, it is expected to fall to the level of 79.64. On the other hand, if the USDX breaks the resistance level of 80.15, it’s expected to rise to the level of 80.35. The MACD indicator is in negative 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 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: USDX is consolidating below the resistance level of
80.11 with a higher low pattern, so USDX is likely to continue
falling below this level, reaching the support level of 79.19 in the
long term. However, USDX formed a fractal near the level of 79.85,
so USDX may perform a bullish rebound and achieve again
consolidation above the level of 80.11. The MACD indicator is in
negative territory.
H4 chart: The USDX has found
support near the 79.95 level. However, the weakness in the U.S.
dollar remains as the USDX remains below the 200 SMA. However, if the
USDX does make a breakout at the support level of 79.76, it’s
expected to fall to the level of 79.69. On the other hand, if the
USDX manages to break the bullish trend line near the 80.25 level, it
is expected to rise to the level of 80.44. The MACD indicator is in
neutral territory.
H1 chart: The USDX is looking for support at the point of control near the 80.00 level, so it is likely
to fall to the level of 79.88. If the USDX does make a breakout at
the support level, it is expected to fall to the level of 79.64. On
the other hand, if the USDX breaks the resistance level of 80.15,
it’s expected to rise to the level of 80.35. The MACD indicator is in
negative 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 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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