Daily chart: The USDX found support at the level of 81.50 and from the 200 day moving average. But during yesterday’s session, the USDX found resistance at the level of 82.51, which means that these levels will be vital for the development of the general trend in the USDX. If the USDX manages to break the support at the 81.50 level, it is expected to fall to 80.62 level and this would start a new bearish trend in the long term period. On the other hand, if the USDX managed to break the resistance at the 82.51 level, it is expected to rise to the level of 83.22 and this would totally change the general trend to bullish. The MACD indicator is extremely oversold and entering neutral territory.
H4 chart: The USDX is remaining within a low range and below the 200 day moving average, after it tested strong resistance. If the USDX manages to break the support at the 81.72 level, it is expected to fall to the level of 81.33. On the other hand, if the USDX managed to break the resistance at 82.15 level, it would be expected to rise to the level of 82.55. The MACD indicator remains in negative territory and it is likely that the current bearish trend is gripping much strength during today’s session.
H1 chart: The USDX is consolidating below the 200 day moving average. Furthermore, the USDX has formed a Point of Control (POC) near the resistance level at 82.02. If the USDX manages to break that level, it is expected to rise to the level of 82.32. Furthermore, if the USDX achieves in breaking the support level at 81.80, it’s expected to drop to the level of 81.58. The bearish trend may strengthen within today’s session, because the USDX has met strong resistance in the POC and this will be very difficult to keep up with the current weakness presented in this chart. The MACD indicator is in neutral territory.
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 81.80, take profit is at 81.58, and stop loss is at 82.02.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX found support at the level of 81.50 and from the 200 day moving average. But during yesterday’s session, the USDX found resistance at the level of 82.51, which means that these levels will be vital for the development of the general trend in the USDX. If the USDX manages to break the support at the 81.50 level, it is expected to fall to 80.62 level and this would start a new bearish trend in the long term period. On the other hand, if the USDX managed to break the resistance at the 82.51 level, it is expected to rise to the level of 83.22 and this would totally change the general trend to bullish. The MACD indicator is extremely oversold and entering neutral territory.
H4 chart: The USDX is remaining within a low range and below the 200 day moving average, after it tested strong resistance. If the USDX manages to break the support at the 81.72 level, it is expected to fall to the level of 81.33. On the other hand, if the USDX managed to break the resistance at 82.15 level, it would be expected to rise to the level of 82.55. The MACD indicator remains in negative territory and it is likely that the current bearish trend is gripping much strength during today’s session.
H1 chart: The USDX is consolidating below the 200 day moving average. Furthermore, the USDX has formed a Point of Control (POC) near the resistance level at 82.02. If the USDX manages to break that level, it is expected to rise to the level of 82.32. Furthermore, if the USDX achieves in breaking the support level at 81.80, it’s expected to drop to the level of 81.58. The bearish trend may strengthen within today’s session, because the USDX has met strong resistance in the POC and this will be very difficult to keep up with the current weakness presented in this chart. The MACD indicator is in neutral territory.
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 81.80, take profit is at 81.58, and stop loss is at 82.02.
The material has been provided by InstaForex Company – www.instaforex.com
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