Daily chart: On this chart, the USDX is too bearish and we can clearly see that this has broken the support level at 83.22 and now it is finding support at the 82.51 level. For today’s session, it is very possible that the USDX consolidates above this support. For now, the USDX remains above the 200 day moving average and it would be strange to see that the USDX achieved up to resistance at the 83.22 level. The MACD indicator is in an extreme overbought and entering a neutral territory, which would strengthen our bearish outlook for the USDX.
H4 chart: The USDX continues to fall and is consolidating below the 200 day moving average, threatening to invalidate our bullish outlook for the USDX in the short term. It is very likely that the USDX will fall to support at 82.15 level. However, we should bear in mind that the USDX is entering extreme oversold areas and it is quite possible that the USDX will perform consolidation movements during the next few hours, because of this widespread trend on this chart. The MACD indicator is extremely oversold.
H1 chart: The USDX has left a GAP near the 83.05 level and tried to break the resistance at the 82.97 level, but to no avail. Now the USDX is forming a higher low pattern over the support at the level of 82.50. If the USDX manages to break this support, it is expected to fall to the level of 82.32. On the other hand, if the USDX manages to break the resistance at 82.66 level, it is likely to rise to the level of 82.97. The MACD indicator is extremely oversold and showing signs of great weakness in the current trend bearish, so we should be cautious, though the USDX remains below the 200 day moving average.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks with a bearish candlestick, the support level is at 82.50, take profit is at 82.32, and stop loss is at 82.67.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: On this chart, the USDX is too bearish and we can clearly see that this has broken the support level at 83.22 and now it is finding support at the 82.51 level. For today’s session, it is very possible that the USDX consolidates above this support. For now, the USDX remains above the 200 day moving average and it would be strange to see that the USDX achieved up to resistance at the 83.22 level. The MACD indicator is in an extreme overbought and entering a neutral territory, which would strengthen our bearish outlook for the USDX.
H4 chart: The USDX continues to fall and is consolidating below the 200 day moving average, threatening to invalidate our bullish outlook for the USDX in the short term. It is very likely that the USDX will fall to support at 82.15 level. However, we should bear in mind that the USDX is entering extreme oversold areas and it is quite possible that the USDX will perform consolidation movements during the next few hours, because of this widespread trend on this chart. The MACD indicator is extremely oversold.
H1 chart: The USDX has left a GAP near the 83.05 level and tried to break the resistance at the 82.97 level, but to no avail. Now the USDX is forming a higher low pattern over the support at the level of 82.50. If the USDX manages to break this support, it is expected to fall to the level of 82.32. On the other hand, if the USDX manages to break the resistance at 82.66 level, it is likely to rise to the level of 82.97. The MACD indicator is extremely oversold and showing signs of great weakness in the current trend bearish, so we should be cautious, though the USDX remains below the 200 day moving average.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks with a bearish candlestick, the support level is at 82.50, take profit is at 82.32, and stop loss is at 82.67.
The material has been provided by InstaForex Company – www.instaforex.com
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