Daily chart: The USDX continues to consolidate in the bearish trend, but we must be aware of any upward to the resistance level of 80.11, as the USDX is showing signs of recovery. If the USDX does make a breakout at that level, it is expected to rise to the level of 80.62. Furthermore, if the USDX consolidates below the level of 79.19, it’s expected to fall to the level of 78.50. The MACD indicator is oversold.
H4 chart: The USDX is trying to make a breakout on the resistance level of 79.81. If successful, it is expected to rise to the level of 79.93. Moreover, if the USDX consolidates below the level of 79.69, it’s expected to fall to the level of 79.35. The MACD indicator is in positive territory and the USDX remains below the 200 SMA.
H1 chart: The USDX found resistance at the 200-day moving average, so the USDX is trying to make a breakout at that level. If successful, it is expected to rise to the resistance level of 80.15, which would begin a bullish intraday trend. Furthermore, if the USDX consolidates below the level of 79.64, it’s expected to continue to drop for some more days. The MACD indicator is in negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 79.88, take profit is at 80.15, and stop loss is at 79.61.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX
continues to consolidate in the bearish trend, but we must be aware
of any upward to the resistance level of 80.11, as the USDX is
showing signs of recovery. If the USDX does make a breakout at that
level, it is expected to rise to the level of 80.62. Furthermore,
if the USDX consolidates below the level of 79.19, it’s
expected to fall to the level of 78.50. The MACD indicator is
oversold.
H4 chart: The USDX is trying to make a breakout on the
resistance level of 79.81. If successful, it is expected to rise to
the level of 79.93. Moreover, if the USDX consolidates below the level of 79.69, it’s expected to fall to the level of
79.35. The MACD indicator is in positive territory and the USDX
remains below the 200 SMA.
H1 chart: The USDX found resistance at the 200-day moving
average, so the USDX is trying to make a breakout at that level. If
successful, it is expected to rise to the resistance level of 80.15,
which would begin a bullish intraday trend. Furthermore, if the USDX consolidates below the level of 79.64, it’s expected to
continue to drop for some more days. The MACD indicator is in
negative territory.
Trading recommendations for today:
Based on the H1 chart, place
buy (long)
orders only if the USD Index
breaks with
a bullish
candlestick; the
resistance level
is at 79.88,
take profit is at
80.15,
and stop loss is at 79.61.
The material has been provided by InstaForex Company – www.instaforex.com
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