Daily chart: Again, the USDX has consolidated above the support level of 80.62 and now above the 200 SMA. This bullish momentum indicates much indecision in the market, because the USDX has not got out of the range between the levels of 81.50 and 80.11. However, it is very likely that the USDX will try to climb to the resistance level of 81.50. The MACD indicator is in neutral territory.
H4 chart: The USDX is forming a bullish pattern above the support level of 80.99 and above the 200 SMA. If the USDX manages to break the resistance level of 81.19, it is expected to rise to the level of 81.29. Furthermore, if the USDX achieves in break the support level of 80.99, it is expected to fall to the level of 80.83. The MACD indicator is still in positive territory.
H1 chart: The USDX formed two fractals near the resistance level of 81.09. This level is quite important since the point of control is located there. However, if the USDX manages to break that resistance level, it’s expected to rise to the level of 81.40. Furthermore, if the USDX achieves in break the support level of 80.93, it’s expected to fall to the level of 80.73. The MACD indicator is in extreme overbought zone and entering negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks with a bullish candlestick; the resistance level is at 81.98, take profit is at 81.40, and stop loss is at 80.77.
The material has been provided by InstaForex Company – www.instaforex.com
Daily
chart: Again, the USDX has consolidated above the support level
of 80.62 and now above the 200 SMA. This bullish momentum indicates
much indecision in the market, because the USDX has not got out of
the range between the levels of 81.50 and 80.11. However, it is very
likely that the USDX will try to climb to the resistance level of 81.50.
The MACD indicator is in neutral territory.
H4 chart: The USDX is forming a
bullish pattern above the support level of 80.99 and above the 200
SMA. If the USDX manages to break the resistance level of 81.19, it
is expected to rise to the level of 81.29. Furthermore, if the USDX
achieves in break the support level of 80.99, it is expected to fall
to the level of 80.83. The MACD indicator is still in positive
territory.
H1 chart: The USDX formed two
fractals near the resistance level of 81.09. This level is quite
important since the point of control is located there. However, if
the USDX manages to break that resistance level, it’s expected to
rise to the level of 81.40. Furthermore, if the USDX achieves in
break the support level of 80.93, it’s expected to fall to the level
of 80.73. The MACD indicator is in extreme overbought zone and
entering negative territory.
Trading recommendations for today:
Based on the H1 chart, place
buy
(long)
orders only if the USDX
Index breaks with
a bullish
candlestick; the
resistance
level is at 81.98,
take profit is at 81.40,
and stop loss is at 80.77.
The material has been provided by InstaForex Company – www.instaforex.com
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