Daily chart: The USDX continues its decline below the 80.11 level. We should note that the level of 79.84 is serving as a temporary support as the USDX formed a fractal there few days ago. If the USDX breaks out that level, it is likely to fall to the level of 79.19. Moreover, if the USDX rises above a newly consolidated level of 80.11, it’s expected to rise further to the level of 80.62. The MACD indicator is entering extreme oversold zone.
H4 chart: The USDX does not have a definite and clear trend in this chart, although the USDX remains below the 200 SMA, which keeps alive our bearish outlook on the USDX. Furthermore, if the USDX reaches and breaks the support level of 79.63, it is expected to fall to the level of 79.00. However, we recommend being cautious because the USDX can make a sudden turnaround. The MACD indicator is still in negative territory.
H1 chart: The USDX found resistance again at the 80.15 level. This level has strengthened in the last few hours as the USDX has tried to make a breakout there many times. The USDX remains below the 200 day moving average and is now very likely to fall to the support level of 79.88. If the USDX manages to break that level, it is likely to fall to the level of 79.64. The MACD indicator is in extreme overbought zone and is entering negative 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 79.88, take profit is at 79.64, and stop loss is at 80.12.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX continues its decline below the 80.11 level. We should note that the level of 79.84 is serving as a temporary support as the USDX formed a fractal there few days ago. If the USDX breaks out that level, it is likely to fall to the level of 79.19. Moreover, if the USDX rises above a newly consolidated level of 80.11, it’s expected to rise further to the level of 80.62. The MACD indicator is entering extreme oversold zone.
H4 chart: The USDX does not have a definite and clear trend in this chart, although the USDX remains below the 200 SMA, which keeps alive our bearish outlook on the USDX. Furthermore, if the USDX reaches and breaks the support level of 79.63, it is expected to fall to the level of 79.00. However, we recommend being cautious because the USDX can make a sudden turnaround. The MACD indicator is still in negative territory.
H1 chart: The USDX found resistance again at the 80.15 level. This level has strengthened in the last few hours as the USDX has tried to make a breakout there many times. The USDX remains below the 200 day moving average and is now very likely to fall to the support level of 79.88. If the USDX manages to break that level, it is likely to fall to the level of 79.64. The MACD indicator is in extreme overbought zone and is entering negative 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 79.88, take profit is at 79.64, and stop loss is at 80.12.
The material has been provided by InstaForex Company – www.instaforex.com
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