Daily chart: USDX has made a slight bearish rebound at the resistance level of 80.62, which would indicate that USDX is forming a lower high pattern. If USDX manages to break that level, it is expected to rise to the level of 81.05. However, USDX has been strongly dominated by the bearish trend, we must follow the current trend of USDX and not put orders against the trend. The MACD indicator is still in positive territory.
H4 chart: USDX is finding support at the level of 80.49, which is very close to the 200 SMA. If USDX makes a bullish rebound at current levels, it is expected to rise to the level of 80.65. On the other hand, if USDX makes a breakout near the bearish trend line, it is expected to fall to the level of 80.09. The MACD indicator is still in negative territory.
H1 chart: USDX is below the resistance level at 80.59 and it is likely that it will fall to the support at the level of 80.35, where the SMA 200 is. If the USDX manages to break the support level of 80.35, it is expected to fall to the level of 80.15. On the other hand, it is very likely that USDX will make a bullish rebound at the 200 SMA, but we should be careful. The MACD indicator is in extremely oversold zone.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 80.59, take profit is at 80.73, and stop loss is at 80.45.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: USDX has made a slight bearish rebound at the resistance level of 80.62, which would indicate that USDX is forming a lower high pattern. If USDX manages to break that level, it is expected to rise to the level of 81.05. However, USDX has been strongly dominated by the bearish trend, we must follow the current trend of USDX and not put orders against the trend. The MACD indicator is still in positive territory.
H4 chart: USDX is finding support at the level of 80.49, which is very close to the 200 SMA. If USDX makes a bullish rebound at current levels, it is expected to rise to the level of 80.65. On the other hand, if USDX makes a breakout near the bearish trend line, it is expected to fall to the level of 80.09. The MACD indicator is still in negative territory.
H1 chart: USDX is below the resistance level at 80.59 and it is likely that it will fall to the support at the level of 80.35, where the SMA 200 is. If the USDX manages to break the support level of 80.35, it is expected to fall to the level of 80.15. On the other hand, it is very likely that USDX will make a bullish rebound at the 200 SMA, but we should be careful. The MACD indicator is in extremely oversold zone.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 80.59, take profit is at 80.73, and stop loss is at 80.45.
The material has been provided by InstaForex Company – www.instaforex.com
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