Daily chart: Finally, the USDX managed to break the support level of 80.62, which could be a clear indication that the USDX start a strong bearish trend which could extend for a few weeks, even to the end of the year. On the other hand, USDX is expected to start forming a higher low pattern above the support level of 80.11. If the USDX manages to break this support level, would be expected to fall to the level of 79.19. The MACD indicator is still in negative territory.
H4 chart: The USDX went off the low range and now the USDX is consolidating below resistance at 80.49 levels and below the 200 SMA, with the formation of a higher low pattern. If the USDX manages to break the support level at 80.06, it’s expected to fall to the level of 79.63. On the other hand, if the USDX manages to break the resistance at the 80.49 level, it is expected to rise to the level of 80.65. The MACD indicator is still in negative territory.
H1 chart: The USDX found dynamic resistance level of 80.73, where the 200 SMA is located and now the USDX is consolidating below resistance at the 80.35 level, with the formation of a bearish pattern. If the USDX manages to break the support level of 80.15, it’s expected to fall to the level of 79.88. The MACD indicator is in positive 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 80.15, take profit is at 79.88, and stop loss is at 80.42.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: Finally, the USDX managed to break the support level of 80.62, which could be a clear indication that the USDX start a strong bearish trend which could extend for a few weeks, even to the end of the year. On the other hand, USDX is expected to start forming a higher low pattern above the support level of 80.11. If the USDX manages to break this support level, would be expected to fall to the level of 79.19. The MACD indicator is still in negative territory.
H4 chart: The USDX went off the low range and now the USDX is consolidating below resistance at 80.49 levels and below the 200 SMA, with the formation of a higher low pattern. If the USDX manages to break the support level at 80.06, it’s expected to fall to the level of 79.63. On the other hand, if the USDX manages to break the resistance at the 80.49 level, it is expected to rise to the level of 80.65. The MACD indicator is still in negative territory.
H1 chart: The USDX found dynamic resistance level of 80.73, where the 200 SMA is located and now the USDX is consolidating below resistance at the 80.35 level, with the formation of a bearish pattern. If the USDX manages to break the support level of 80.15, it’s expected to fall to the level of 79.88. The MACD indicator is in positive 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 80.15, take profit is at 79.88, and stop loss is at 80.42.
The material has been provided by InstaForex Company – www.instaforex.com
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