Daily chart: The USDX is trying to break the resistance at the 82.51 level. For now, it is very possible that the USDX forms a lower high pattern. The USDX remains above the 200-day moving average and if the USDX can break this resistance, it would be expected to rise to the level of 83.22. On the other hand, if the USDX makes a bearish rebound in this resistance, it would be expected to fall to support at the 81.50 level, which houses the 200-day moving average. The MACD indicator is in positive territory, which strengthens our bullish outlook in the long term for the USDX.
H4 chart: The USDX is consolidating above the 200-day moving average and the USDX is trying to climb to the resistance at the 83.17 level. However, we must bear in mind that the USDX can break the support level at 82.05 and fall to the next level of 81.72. The MACD indicator is in extreme overbought, so we must be very careful with the USDX, because they did not have a well defined short-term trend.
H1 chart: When viewing this chart, we could say that the USDX is approaching the 200-day moving average. However, we must bear in mind that the USDX moved in a range in the session low yesterday, so, there is not a clear trend. If the USDX achieves in breaking the support level at 82.32, it would be expected to drop to the level of 82.02. On the other hand, if the USDX manages to break the resistance at 82.66, it would be expected to rise to the level of 82.97. The MACD indicator is very weak, but still in negative territory.
Fundamental Outlook: For today’s session in the United States at 12:30 GMT Core Durable Goods Orders (Previous: 1.5% / Forecast: 0.0%) and at 14:00 GMT CB Consumer Confidence (Previous: 76.2 / Forecast: 75.2), and New Home Sales (Previous: 454K / Forecast: 462K) will be published.
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 82.32, take profit is at 82.02, and stop loss is at 82.63.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX is trying to break the resistance at the 82.51 level. For now, it is very possible that the USDX forms a lower high pattern. The USDX remains above the 200-day moving average and if the USDX can break this resistance, it would be expected to rise to the level of 83.22. On the other hand, if the USDX makes a bearish rebound in this resistance, it would be expected to fall to support at the 81.50 level, which houses the 200-day moving average. The MACD indicator is in positive territory, which strengthens our bullish outlook in the long term for the USDX.
H4 chart: The USDX is consolidating above the 200-day moving average and the USDX is trying to climb to the resistance at the 83.17 level. However, we must bear in mind that the USDX can break the support level at 82.05 and fall to the next level of 81.72. The MACD indicator is in extreme overbought, so we must be very careful with the USDX, because they did not have a well defined short-term trend.
H1 chart: When viewing this chart, we could say that the USDX is approaching the 200-day moving average. However, we must bear in mind that the USDX moved in a range in the session low yesterday, so, there is not a clear trend. If the USDX achieves in breaking the support level at 82.32, it would be expected to drop to the level of 82.02. On the other hand, if the USDX manages to break the resistance at 82.66, it would be expected to rise to the level of 82.97. The MACD indicator is very weak, but still in negative territory.
Fundamental Outlook: For today’s session in the United States at 12:30 GMT Core Durable Goods Orders (Previous: 1.5% / Forecast: 0.0%) and at 14:00 GMT CB Consumer Confidence (Previous: 76.2 / Forecast: 75.2), and New Home Sales (Previous: 454K / Forecast: 462K) will be published.
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 82.32, take profit is at 82.02, and stop loss is at 82.63.
The material has been provided by InstaForex Company – www.instaforex.com
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