Daily chart: The USDX fell through the support level of 80.62 and made a slight bullish rebound there. For now, it is likely that the USDX starts to forming a higher low pattern to continue falling below the 200-day moving average. If the USDX achieves in breaking the support at the 80.62 level, it would be expected to drop to the level of 80.11. The MACD indicator is in extremely overbought zone and entering negative territory, so our bearish outlook remains alive.
H4 chart: The USDX is able to consolidate below resistance at the 80.75 level, and it is likely to begin forming a bearish pattern. If the USDX manages to break the support at the 80.65 level, it is expected to fall to the level of 80.50, which houses the 200-day moving average. On the other hand, if the USDX manages to break the resistance at the 80.75 level, it would be expected to rise to the level of 80.87. The MACD indicator remains in negative territory.
H1 chart: During yesterday’s session, the USDX managed to break the support level at 80.73 and quickly dropped to support at the 80.59 level, where the USDX made a bullish rebound that led it to consolidate above support at the level of 80.73. If the USDX breaks that level again, it is expected to fall to the level of 80.59. On the other hand, the USDX is likely to rise to the 80.80 level. The MACD indicator remains in 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 fell through the support level of 80.62 and made a slight bullish rebound there. For now, it is likely that the USDX starts to forming a higher low pattern to continue falling below the 200-day moving average. If the USDX achieves in breaking the support at the 80.62 level, it would be expected to drop to the level of 80.11. The MACD indicator is in extremely overbought zone and entering negative territory, so our bearish outlook remains alive.
H4 chart: The USDX is able to consolidate below resistance at the 80.75 level, and it is likely to begin forming a bearish pattern. If the USDX manages to break the support at the 80.65 level, it is expected to fall to the level of 80.50, which houses the 200-day moving average. On the other hand, if the USDX manages to break the resistance at the 80.75 level, it would be expected to rise to the level of 80.87. The MACD indicator remains in negative territory.
H1 chart: During yesterday’s session, the USDX managed to break the support level at 80.73 and quickly dropped to support at the 80.59 level, where the USDX made a bullish rebound that led it to consolidate above support at the level of 80.73. If the USDX breaks that level again, it is expected to fall to the level of 80.59. On the other hand, the USDX is likely to rise to the 80.80 level. The MACD indicator remains in 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
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