Daily chart: The USDX is conducting a corrective movement. However, this pair has made a bearish rebound on the 200 day moving average, so we must be careful with the USDX, because this could return to the bearish trend in the coming days. On the other hand, if the USDX manages to break the resistance at 81.50, it would be expected to rise to the level of 82.51. The MACD indicator is entering extremely overbought zone and neutral territory.
H4 chart: It seems that the USDX could be dominated by the bears in this chart, but it is likely that the USDX conduct a bullish rebound in the coming hours and up again to the resistance at the 81.48 level. Furthermore, if the USDX breaks the support level of 80.65, it would be expected to drop to the level of 80.50, which houses the SMA 200. The MACD indicator remains in negative territory.
H1 chart: Current levels are crucial in the development of the USDX intraday trend, because the USDX could start a strong bearish trend in the coming hours. On the other hand, the USDX could be making a bullish rebound at the 200-day moving average, which could strengthen the overall bullish trend of the USDX. The MACD indicator is in extreme oversold zone and into positive territory.
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 80.73, take profit is at 80.59, and stop loss is at 80.87.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX is conducting a corrective movement. However, this pair has made a bearish rebound on the 200 day moving average, so we must be careful with the USDX, because this could return to the bearish trend in the coming days. On the other hand, if the USDX manages to break the resistance at 81.50, it would be expected to rise to the level of 82.51. The MACD indicator is entering extremely overbought zone and neutral territory.
H4 chart: It seems that the USDX could be dominated by the bears in this chart, but it is likely that the USDX conduct a bullish rebound in the coming hours and up again to the resistance at the 81.48 level. Furthermore, if the USDX breaks the support level of 80.65, it would be expected to drop to the level of 80.50, which houses the SMA 200. The MACD indicator remains in negative territory.
H1 chart: Current levels are crucial in the development of the USDX intraday trend, because the USDX could start a strong bearish trend in the coming hours. On the other hand, the USDX could be making a bullish rebound at the 200-day moving average, which could strengthen the overall bullish trend of the USDX. The MACD indicator is in extreme oversold zone and into positive territory.
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 80.73, take profit is at 80.59, and stop loss is at 80.87.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: