Daily chart: The USDX is forming a higher low pattern, above the support at the 82.51 level. This is a very important part in the development of the USDX bearish trend, because if this manages to break that level, the fall could be extended to the level of 81.50, near the 200-day moving average. However, we must be alert to the fundamental news to be published this week and that could affect the U.S. economy. On the other hand, if the USDX makes a bullish rebound at current levels it would be expected to rise to the level of 83.22. The MACD indicator remains in negative territory.
H4 chart: The USDX remains below the 200-day moving average, after having made a bearish rebound at that level. For now, the USDX has no definite trend, since it is moving within a range that generates much volatility USDX movement. It is therefore quite possible that the USDX falls to the level of 82.15 or up to the level of 83.17. For today, it is quite possible that the USDX breaks any of those levels, because no major fundamental news that could have high impact on the USDX is scheduled for today’s meeting. The MACD indicator is in neutral territory.
H1 chart: The levels are very clear in this chart and the bearish trend is very much alive. If the USDX manages to break the support at the 82.50 level, it is expected to fall to the level of 82.32. On the other hand, if the USDX manages to break the resistance at 82.67 level it would be expected to rise to the level of 82.85. The USDX remains below the 200-day moving average and the MACD indicator is extremely oversold, so it could get into positive territory in the next few hours, so we recommend caution.
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 82.50, take profit is at 82.32, and stop loss is at 82.68.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX is forming a higher low pattern, above the support at the 82.51 level. This is a very important part in the development of the USDX bearish trend, because if this manages to break that level, the fall could be extended to the level of 81.50, near the 200-day moving average. However, we must be alert to the fundamental news to be published this week and that could affect the U.S. economy. On the other hand, if the USDX makes a bullish rebound at current levels it would be expected to rise to the level of 83.22. The MACD indicator remains in negative territory.
H4 chart: The USDX remains below the 200-day moving average, after having made a bearish rebound at that level. For now, the USDX has no definite trend, since it is moving within a range that generates much volatility USDX movement. It is therefore quite possible that the USDX falls to the level of 82.15 or up to the level of 83.17. For today, it is quite possible that the USDX breaks any of those levels, because no major fundamental news that could have high impact on the USDX is scheduled for today’s meeting. The MACD indicator is in neutral territory.
H1 chart: The levels are very clear in this chart and the bearish trend is very much alive. If the USDX manages to break the support at the 82.50 level, it is expected to fall to the level of 82.32. On the other hand, if the USDX manages to break the resistance at 82.67 level it would be expected to rise to the level of 82.85. The USDX remains below the 200-day moving average and the MACD indicator is extremely oversold, so it could get into positive territory in the next few hours, so we recommend caution.
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 82.50, take profit is at 82.32, and stop loss is at 82.68.
The material has been provided by InstaForex Company – www.instaforex.com
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