Daily chart: The USDX is approaching the support level of 79.19. The bearish bias remains very strong, so it is very likely that the USDX start making corrective movements as the USDX is oversold on low charts. However, if the USDX does make a breakout in the support level of 79.19, it’s expected to fall to the level of 78.12. The MACD indicator is in negative territory.
H4 chart: The USDX continues to find support at the 79.32 level, so it is very likely that the USDX is forming a triple bottom pattern to continue rising. However, if the USDX does make a breakout at the support level, it is expected to fall to the level of 78.75. The USDX remains below the 200 SMA and MACD indicator is in neutral territory.
H1 chart: The USDX is trying to consolidate below the 79.39 level, so it is expected that the USDX falls to the support level of 79.13. If the USDX makes a bullish rebound at current levels, it is expected to rise to the resistance level of 79.64, where the 200-day moving average is located. The MACD indicator is in neutral 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 79.39, take profit is at 79.13, and stop loss is at 79.64.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX is
approaching the support level of 79.19. The bearish bias remains very
strong, so it is very likely that the USDX start making corrective
movements as the USDX is oversold on low charts. However, if the USDX
does make a breakout in the support level of 79.19, it’s expected to
fall to the level of 78.12. The MACD indicator is in negative
territory.
H4 chart: The USDX continues to find support at the 79.32
level, so it is very likely that the USDX is forming a triple bottom
pattern to continue rising. However, if the USDX does make a breakout
at the support level, it is expected to fall to the level of 78.75.
The USDX remains below the 200 SMA and MACD indicator is in neutral
territory.
H1 chart: The USDX is trying to consolidate below the 79.39
level, so it is expected that the USDX falls to the support level of
79.13. If the USDX makes a bullish rebound at current levels, it is
expected to rise to the resistance level of 79.64, where the 200-day
moving average is located. The MACD indicator is in neutral
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 79.39,
take profit is at
79.13,
and stop loss is at 79.64.
The material has been provided by InstaForex Company – www.instaforex.com
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