Daily chart: The USDX is among very critical levels for the development of its current trend. Right now, the USDX is finding strong support on the level of 81.50, which is the 200-day moving average. The hypothesis that remains on the USDX is that this may be forming a higher low pattern to continue to fall, if the USDX can break the support at the 81.50 level. On the other hand, if the USDX makes a bullish rebound on the current price, it is expected to rise again to the resistance at the 82.51 level and quite possibly, the USDX backs to the bullish road in the long term. The MACD indicator remains in negative territory but it is approaching oversold levels.
H4 chart: The USDX continues moving in the range between 82.15 and 81.03, both are strong support and resistance levels. The hypothesis of the formation of a higher low pattern still stands, but if the USDX manages to break the resistance level at 82.15, it is expected to rise to the level of 82.50. On the other hand, if the USDX ends forming a higher low pattern and breaks the support at the level of 81.33, it is expected to drop to the level of 80.68, where a bearish trend line is located. The MACD indicator remains in positive territory but it is showing weakness in the current bullish trend (magenta levels).
H1 chart: Between 82.02 and 81.80 levels a Point of Control (POC) was formed, which is making a stand on the USDX. In this chart, the USDX remains below the 200-day moving average, so the bearishoutlook in the short term for this pair remains in force. If the USDX achieves a break of resistance at 82.02, it is expected to rise to the level of 82.32. Furthermore, if the USDX could break the support level at 81.40, it is expected to drop to the level of 81.09. The MACD indicator is entering neutral territory, so we must be careful to do intraday trading in this market.
Fundamental Outlook: For today’s session, we do not expect economic events will have considerable impact on the USDX market.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX market breaks with a bullish candlestick, the resistance level is at 82.02, take profit is at 82.32, and stop loss is at 81.70. Place sell (short) orders only if the USDX market breaks with a bearish candlestick, the support level is at 81.40, take profit is at 81.09, and stop loss is at 81.70.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX is among very critical levels for the development of its current trend. Right now, the USDX is finding strong support on the level of 81.50, which is the 200-day moving average. The hypothesis that remains on the USDX is that this may be forming a higher low pattern to continue to fall, if the USDX can break the support at the 81.50 level. On the other hand, if the USDX makes a bullish rebound on the current price, it is expected to rise again to the resistance at the 82.51 level and quite possibly, the USDX backs to the bullish road in the long term. The MACD indicator remains in negative territory but it is approaching oversold levels.
H4 chart: The USDX continues moving in the range between 82.15 and 81.03, both are strong support and resistance levels. The hypothesis of the formation of a higher low pattern still stands, but if the USDX manages to break the resistance level at 82.15, it is expected to rise to the level of 82.50. On the other hand, if the USDX ends forming a higher low pattern and breaks the support at the level of 81.33, it is expected to drop to the level of 80.68, where a bearish trend line is located. The MACD indicator remains in positive territory but it is showing weakness in the current bullish trend (magenta levels).
H1 chart: Between 82.02 and 81.80 levels a Point of Control (POC) was formed, which is making a stand on the USDX. In this chart, the USDX remains below the 200-day moving average, so the bearish outlook in the short term for this pair remains in force. If the USDX achieves a break of resistance at 82.02, it is expected to rise to the level of 82.32. Furthermore, if the USDX could break the support level at 81.40, it is expected to drop to the level of 81.09. The MACD indicator is entering neutral territory, so we must be careful to do intraday trading in this market.
Fundamental Outlook: For today’s session, we do not expect economic events will have considerable impact on the USDX market.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX market breaks with a bullish candlestick, the resistance level is at 82.02, take profit is at 82.32, and stop loss is at 81.70. Place sell (short) orders only if the USDX market breaks with a bearish candlestick, the support level is at 81.40, take profit is at 81.09, and stop loss is at 81.70.
The material has been provided by InstaForex Company – www.instaforex.com
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