Daily chart: The USDX is forming a bearish pattern below the level of 80.11. During yesterday’s session, the USDX made no significant changes to indicate a change in the trend in the medium or long term, so the USDX remains strong in the bearish trend. If the USDX manages to break the 79.70 level, it is expected to fall to the level of 79.19. The MACD indicator is still in negative territory.
H4 chart: The USDX has been moving in a consolidation phase, below the 200 SMA. Lack of clarity of the trend is a bit dangerous for traders who want to make decisions based on the H4 chart as the USDX has not formed a pattern to put a confirmation order for the trend. However, if the USDX manages to break the support level of 79.63, it will fall to the level of 79.00. The MACD indicator is in neutral territory.
H1 chart: The USDX unable to consolidate above the 200 SMA since that level has served as dynamic resistance on the USDX. Now the USDX remains below the resistance level at 80.15, so it is likely to drop to the level of 79.88. If the USDX manages to break this support level, it is seen to fall to the level of 79.64. The MACD indicator is still in 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 is forming a bearish pattern below the level of 80.11. During yesterday’s session, the USDX made no significant changes to indicate a change in the trend in the medium or long term, so the USDX remains strong in the bearish trend. If the USDX manages to break the 79.70 level, it is expected to fall to the level of 79.19. The MACD indicator is still in negative territory.
H4 chart: The USDX has been moving in a consolidation phase, below the 200 SMA. Lack of clarity of the trend is a bit dangerous for traders who want to make decisions based on the H4 chart as the USDX has not formed a pattern to put a confirmation order for the trend. However, if the USDX manages to break the support level of 79.63, it will fall to the level of 79.00. The MACD indicator is in neutral territory.
H1 chart: The USDX unable to consolidate above the 200 SMA since that level has served as dynamic resistance on the USDX. Now the USDX remains below the resistance level at 80.15, so it is likely to drop to the level of 79.88. If the USDX manages to break this support level, it is seen to fall to the level of 79.64. The MACD indicator is still in 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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