Daily chart: The USDX has managed to consolidate above support at 80.62 level, after it has been able to form a successful lower high pattern. Now, the USDX is trying to break the resistance at the 81.50 level, which houses the 200-day moving average, but it is very likely that the USDX starts to form a bullish pattern, with some corrective movements. The MACD indicator remains in positive territory.
H4 chart: The USDX is below a strong resistance at the level of 81.31. If the USDX manages to break the bullish trend line there near the 81.65 level, it is expected to go up to the resistance at the 81.94 level. Furthermore, if the USDX achieves in break the support level of 80.94, it is expected to drop to the level of 80.75. The MACD indicator remains in positive territory and the USDX remains above the 200-day moving average.
H1 chart: The USDX is consolidating in bullish trend, with the formation of a lower high pattern below resistance at the 81.40 level. If the USDX manages to break that level, it is expected to rise to the level of 81.58. Furthermore, if the USDX achieves in break the support level of 81.09, it is expected to drop to the level of 80.93. The MACD indicator is in extreme overbought zone and entering negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 81.40, take profit is at 81.58, and stop loss is at 81.21.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX has managed to consolidate above support at 80.62 level, after it has been able to form a successful lower high pattern. Now, the USDX is trying to break the resistance at the 81.50 level, which houses the 200-day moving average, but it is very likely that the USDX starts to form a bullish pattern, with some corrective movements. The MACD indicator remains in positive territory.
H4 chart: The USDX is below a strong resistance at the level of 81.31. If the USDX manages to break the bullish trend line there near the 81.65 level, it is expected to go up to the resistance at the 81.94 level. Furthermore, if the USDX achieves in break the support level of 80.94, it is expected to drop to the level of 80.75. The MACD indicator remains in positive territory and the USDX remains above the 200-day moving average.
H1 chart: The USDX is consolidating in bullish trend, with the formation of a lower high pattern below resistance at the 81.40 level. If the USDX manages to break that level, it is expected to rise to the level of 81.58. Furthermore, if the USDX achieves in break the support level of 81.09, it is expected to drop to the level of 80.93. The MACD indicator is in extreme overbought zone and entering negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 81.40, take profit is at 81.58, and stop loss is at 81.21.
The material has been provided by InstaForex Company – www.instaforex.com
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