Daily chart: The USDX is trying to consolidate below the 200-day moving average, after falling below the support level of 81.50. It’s likely that the USDX will fall to the next support at 80.62, but during this fall the USDX can form a higher low pattern. On the other hand, if the USDX manages to break the resistance at 81.50 level, it will be expected to rise to the level of 82.00, which houses the SMA 200. The MACD indicator remains in negative territory and still shows no signs of extreme oversold.
H4 chart: The USDX is trying to break the support at the 81.33 level. If the USDX manages to break that level, it is expected to fall to the level of 80.94. For now, the USDX is forming a higher low pattern and if the USDX manages to consolidate above 81.33 level, it is expected to rise again to the resistance at 81.72. The USDX continues to develop its bearish trend in this chart and it still shows no signs of a turnaround. However, it may begin to make corrective movements. The MACD indicator remains in negative territory.
H1 chart: Near the resistance level at 81.58, there is formed a Point of Control (POC), below the SMA 200. This could indicate that the USDX is very weak and the bearish trend continues to strengthen with the passage of time. If the USDX breaks the support at 81.09 level, it is expected to drop to the level of 80.93. On the other hand, if the USDX manages to break the resistance at 81.40 it is expected to rise to the level of 81.80. The MACD indicator remains in neutral territory and showing extreme oversold levels, so we must be careful to do intraday trading with the USDX.
Fundamental outlook: For today’s session, it will be published the Unemployment Claims at 12:30 GMT in the United States (Previous: 326K / Forecast: 336K).
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks the bearish candlestick; the support level is at 81.09, take profit is at 80.93, and stop loss is at 81.24.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX is trying to consolidate below the 200-day moving average, after falling below the support level of 81.50. It’s likely that the USDX will fall to the next support at 80.62, but during this fall the USDX can form a higher low pattern. On the other hand, if the USDX manages to break the resistance at 81.50 level, it will be expected to rise to the level of 82.00, which houses the SMA 200. The MACD indicator remains in negative territory and still shows no signs of extreme oversold.
H4 chart: The USDX is trying to break the support at the 81.33 level. If the USDX manages to break that level, it is expected to fall to the level of 80.94. For now, the USDX is forming a higher low pattern and if the USDX manages to consolidate above 81.33 level, it is expected to rise again to the resistance at 81.72. The USDX continues to develop its bearish trend in this chart and it still shows no signs of a turnaround. However, it may begin to make corrective movements. The MACD indicator remains in negative territory.
H1 chart: Near the resistance level at 81.58, there is formed a Point of Control (POC), below the SMA 200. This could indicate that the USDX is very weak and the bearish trend continues to strengthen with the passage of time. If the USDX breaks the support at 81.09 level, it is expected to drop to the level of 80.93. On the other hand, if the USDX manages to break the resistance at 81.40 it is expected to rise to the level of 81.80. The MACD indicator remains in neutral territory and showing extreme oversold levels, so we must be careful to do intraday trading with the USDX.
Fundamental outlook: For today’s session, it will be published the Unemployment Claims at 12:30 GMT in the United States (Previous: 326K / Forecast: 336K).
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks the bearish candlestick; the support level is at 81.09, take profit is at 80.93, and stop loss is at 81.24.
The material has been provided by InstaForex Company – www.instaforex.com
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