Daily chart: USDX continues bearish movements, so the next target for USDX would be the support level of 79.19. If the USDX makes a breakout at that level, it would be expected to fall to the level of 78.12. On the other hand, if the USDX makes a bullish rebound at the support level, it is expected to rise to the level of 79.70. The MACD indicator is in negative territory.
H4 chart: The USDX remains below the resistance level of 79.69, and still the USDX continues to find support at the 79.32 level. It is very likely that this is the indicator of a change in trend, as this support is growing stronger. However, it is expected to fall to the level of 78.65 if the USDX makes a breakout at that level. The MACD indicator is in positive territory.
H1 chart: The USDX is trying to consolidate below the 79.39 level. If the USDX does form a bearish pattern below this level, it would be expected to fall to the level of 79.13. However, the USDX is showing signs of recovery, it would not be surprising to see the USDX attempt to climb to the resistance level of 79.64. 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 79.39, 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: USDX continues bearish movements, so the next target for USDX would be the support level of 79.19. If the USDX makes a breakout at that
level, it would be expected to fall to the level of 78.12. On the other
hand, if the USDX makes a bullish rebound at the support level, it is
expected to rise to the level of 79.70. The MACD indicator is in
negative territory.
H4 chart: The USDX remains below the resistance level of
79.69, and still the USDX continues to find support at the 79.32
level. It is very likely that this is the indicator of a change in
trend, as this support is growing stronger. However, it is expected
to fall to the level of 78.65 if the USDX makes a breakout at that
level. The MACD indicator is in positive territory.
H1 chart: The USDX is trying to consolidate below the 79.39
level. If the USDX does form a bearish pattern below this level, it would be expected to fall to the level of 79.13. However, the USDX is
showing signs of recovery, it would not be surprising to see the USDX
attempt to climb to the resistance level of 79.64. 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 79.39,
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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