Daily chart: The USDX is extending its drop below resistance at the 80.62 level and is very likely to begin to form a higher low pattern below that level. If the USDX manages to break the support level of 80.11, it is expected to fall to the level of 79.19, which is very likely due to the strong weakness that the U.S. dollar has presented in recent days. The MACD indicator is still in negative territory.
H4 chart: The USDX is consolidating below resistance at the 80.49 level and below the 200 SMA. Now, the USDX is forming a bearish pattern, so it is very likely that it will fall to the support level of 80.06. If the USDX manages to break that level, it would be expected to fall to the level of 79.63. The MACD indicator is entering extremely oversold zone and in neutral territory.
H1 chart: The USDX has been making sideways moves, so we must be careful with this, because the USDX remains within the range between 80.35 and 80.15 levels. At the same time, the USDX is forming a higher low pattern. If the USDX manages to break the support level of 80.15, it is expected to fall to the level of 79.88. 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 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: The USDX is extending its drop below resistance at the 80.62 level and is very likely to begin to form a higher low pattern below that level. If the USDX manages to break the support level of 80.11, it is expected to fall to the level of 79.19, which is very likely due to the strong weakness that the U.S. dollar has presented in recent days. The MACD indicator is still in negative territory.
H4 chart: The USDX is consolidating below resistance at the 80.49 level and below the 200 SMA. Now, the USDX is forming a bearish pattern, so it is very likely that it will fall to the support level of 80.06. If the USDX manages to break that level, it would be expected to fall to the level of 79.63. The MACD indicator is entering extremely oversold zone and in neutral territory.
H1 chart: The USDX has been making sideways moves, so we must be careful with this, because the USDX remains within the range between 80.35 and 80.15 levels. At the same time, the USDX is forming a higher low pattern. If the USDX manages to break the support level of 80.15, it is expected to fall to the level of 79.88. 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 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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