Daily chart: The USDX made a bullish rebound above the support level at 80.62, which is a clear indication that this support level is quite strong, so it would be very difficult for the USDX to continue falling at a technical level. However, the USDX has not been able to consolidate above the 200 day moving average, so it is very likely that it will make a bearish rebound in the 200 SMA and fall back to the level of 80.62. The MACD indicator is in positive territory.
H4 chart: The USDX is maintained within the range between 80.99 and 80.83 levels, because the USDX was able to consolidate above the bearish trend lines and support level of 80.83. If the USDX manages to break the resistance at the 80.99 level, it is expected to rise to the level of 81.29, which would be a strong consolidation in the bullish trend. The MACD indicator is still in neutral territory.
H1 chart: Due to the current position of the USDX in relation to the 200 SMA, we could say that the bullish trend is very strong in this chart, but the reading is not very reliable, because the USDX has no intention of falling in the coming days, because this has formed two fractals at the resistance level 80.93. If the USDX manages to break the support level of 80.73, it’s expected to fall to the level of 80.59. The MACD indicator is entering 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 80.73, take profit is at 80.59, and stop loss is at 80.87.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX made a bullish rebound above the support level at 80.62, which is a clear indication that this support level is quite strong, so it would be very difficult for the USDX to continue falling at a technical level. However, the USDX has not been able to consolidate above the 200 day moving average, so it is very likely that it will make a bearish rebound in the 200 SMA and fall back to the level of 80.62. The MACD indicator is in positive territory.
H4 chart: The USDX is maintained within the range between 80.99 and 80.83 levels, because the USDX was able to consolidate above the bearish trend lines and support level of 80.83. If the USDX manages to break the resistance at the 80.99 level, it is expected to rise to the level of 81.29, which would be a strong consolidation in the bullish trend. The MACD indicator is still in neutral territory.
H1 chart: Due to the current position of the USDX in relation to the 200 SMA, we could say that the bullish trend is very strong in this chart, but the reading is not very reliable, because the USDX has no intention of falling in the coming days, because this has formed two fractals at the resistance level 80.93. If the USDX manages to break the support level of 80.73, it’s expected to fall to the level of 80.59. The MACD indicator is entering 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 80.73, take profit is at 80.59, and stop loss is at 80.87.
The material has been provided by InstaForex Company – www.instaforex.com
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