Daily chart: The USDX has made a bullish rebound above the 200-day moving average and support at the 81.50 level. This could be an indicator of a trend reversal in the USDX. If the USDX manages to break the resistance at 82.51 level, it would be expected to rise to the level of 83.22. Furthermore, it is possible that the USDX will form a lower high pattern below that resistance level. However, we must be alert to a possible bearish rebound, which could lead to the USDX to fall to the support level at 81.50. The MACD indicator is extremely oversold and entering neutral territory.
H4 chart: The USDX is approaching the 200-day moving average, where it would encounter strong resistance. If the USDX achieved bearish rebound can be expected to fall to the level of 82.15. On the other hand, if the USDX achieved in strengthening above SMA 200, would be expected to rise to the level of 83.17. We note that the tendency USDX in this chart changes, if it succeeds in breaking the resistance level of 83.17. The MACD indicator remains in positive territory, so we must be cautious.
H1 chart: The USDX is forming a lower high pattern above the support level at 82.32 and above the SMA 200. Near the level of 81.90 a Point of Control (POC) was formed. If the USDX manages to break the resistance at the 82.50 level, it is expected to rise to the level of 82.67. Furthermore, if the support USDX breaking achieves the level of 82.32 it expected to drop to the level of 82.02, which houses the SMA 200. The MACD indicator is in extreme overbought territory and entering negative, so we need to be aware of a possible fall of USDX for today’s session.
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 82.50, take profit is at 82.68, and stop loss is at 82.33.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX has made a bullish rebound above the 200-day moving average and support at the 81.50 level. This could be an indicator of a trend reversal in the USDX. If the USDX manages to break the resistance at 82.51 level, it would be expected to rise to the level of 83.22. Furthermore, it is possible that the USDX will form a lower high pattern below that resistance level. However, we must be alert to a possible bearish rebound, which could lead to the USDX to fall to the support level at 81.50. The MACD indicator is extremely oversold and entering neutral territory.
H4 chart: The USDX is approaching the 200-day moving average, where it would encounter strong resistance. If the USDX achieved bearish rebound can be expected to fall to the level of 82.15. On the other hand, if the USDX achieved in strengthening above SMA 200, would be expected to rise to the level of 83.17. We note that the tendency USDX in this chart changes, if it succeeds in breaking the resistance level of 83.17. The MACD indicator remains in positive territory, so we must be cautious.
H1 chart: The USDX is forming a lower high pattern above the support level at 82.32 and above the SMA 200. Near the level of 81.90 a Point of Control (POC) was formed. If the USDX manages to break the resistance at the 82.50 level, it is expected to rise to the level of 82.67. Furthermore, if the support USDX breaking achieves the level of 82.32 it expected to drop to the level of 82.02, which houses the SMA 200. The MACD indicator is in extreme overbought territory and entering negative, so we need to be aware of a possible fall of USDX for today’s session.
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 82.50, take profit is at 82.68, and stop loss is at 82.33.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: