Daily chart: The USDX has found strong resistance at the 83.22 level. Thus, it is possible that the USDX will form a lower high pattern, below this level. If the USDX manages to break this resistance, it is expected to rise to the level of 83.74. On the other hand, it is very possible that this is the beginning of a bearish rebound, which could lead to the USDX to visit again the support at 82.51 level. We should note that the USDX remains above the 200 day moving average and the MACD indicator is in a positive territory, although the latter is beginning to show some signs of overbought on the USDX.
H4 chart: The USDX continues to consolidate below resistance at the 83.30 level. We should note that the USDX remains above the 200 day moving average, which would strengthen our bullish outlook for the USDX. However, the resistance above the current price of USDX is very strong, so it would not be surprising to see that the USDX has fallen back to support at 82.15 level. On the other hand, if the USDX managed to break the resistance at the 83.49 level, it would be expected to rise to the level of 8450. The MACD indicator remains in a negative territory.
H1 chart: Yesterday’s session was slightly bearish for the USDX, and now the USDX is trying to break the support at the 82.97 level. If the USDX manages to break this support, it is expected to fall to the level of 82.66. On the other hand, it is very possible that the USDX make a bullish rebound in this support, because they have formed two fractals, which could prevent future falls in the USDX. However, if the USDX manages to break the resistance level of 83.27, it is expected to climb to the Point of Control (POC) at the level of 83.42. The MACD indicator is in a negative territory and the USDX remains above the 200 day moving average.
Fundamental outlook: For today’s session, we do not expect high-impact economic events for the USDX.
Trading recommendations for today: Based on the daily chart, place buy (long) orders only if the USDX Index breaks with a bullish candlestick, the resistance level is at 83.22, take profit is at 83.74, and stop loss is at 82.67.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX has found strong resistance at the 83.22 level. Thus, it is possible that the USDX will form a lower high pattern, below this level. If the USDX manages to break this resistance, it is expected to rise to the level of 83.74. On the other hand, it is very possible that this is the beginning of a bearish rebound, which could lead to the USDX to visit again the support at 82.51 level. We should note that the USDX remains above the 200 day moving average and the MACD indicator is in a positive territory, although the latter is beginning to show some signs of overbought on the USDX.
H4 chart: The USDX continues to consolidate below resistance at the 83.30 level. We should note that the USDX remains above the 200 day moving average, which would strengthen our bullish outlook for the USDX. However, the resistance above the current price of USDX is very strong, so it would not be surprising to see that the USDX has fallen back to support at 82.15 level. On the other hand, if the USDX managed to break the resistance at the 83.49 level, it would be expected to rise to the level of 8450. The MACD indicator remains in a negative territory.
H1 chart: Yesterday’s session was slightly bearish for the USDX, and now the USDX is trying to break the support at the 82.97 level. If the USDX manages to break this support, it is expected to fall to the level of 82.66. On the other hand, it is very possible that the USDX make a bullish rebound in this support, because they have formed two fractals, which could prevent future falls in the USDX. However, if the USDX manages to break the resistance level of 83.27, it is expected to climb to the Point of Control (POC) at the level of 83.42. The MACD indicator is in a negative territory and the USDX remains above the 200 day moving average.
Fundamental outlook: For today’s session, we do not expect high-impact economic events for the USDX.
Trading recommendations for today: Based on the daily chart, place buy (long) orders only if the USDX Index breaks with a bullish candlestick, the resistance level is at 83.22, take profit is at 83.74, and stop loss is at 82.67.
The material has been provided by InstaForex Company – www.instaforex.com
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