Daily chart: The USDX still finding strong support on the level of 80.62. If the USDX manages to break that level, it is expected to fall to the level of 80.11. On the other hand (which is not likely for now), if the USDX makes a bullish rebound at current levels, it is expected to rise to the level of 81.10, where the 200 day moving average is located. However, it seems that the strength of the bears are doing this in the USDX. The MACD indicator is still in negative territory.
H4 chart: The USDX is moving near the 200 SMA, which means that the USDX has not yet found a way to define the trend in this chart. The USDX is trying to break the resistance level of 80.75, with the formation of a bullish pattern. If successful, it is expected to rise to the level of 80.87. Furthermore, if the USDX achieves in break the support at 80.65 level, it would be expected to drop to the level of 80.49. The MACD indicator is in neutral territory.
H1 chart: The USDX found support at the 80.59 level, so the USDX failed to consolidate below that level to fall to the support level of 80.35. However, the USDX tried to climb up the 200 SMA, but this met with resistance in the 80.73 level. If the USDX manages to break that level, it is expected to rise to the level of 80.80. Furthermore, if the USDX achieves in break the support level of 80.59, it’s expected to fall to the level of 80.35. The MACD indicator is in extreme overbought zone and entering negative 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 80.59, take profit is at 80.35, and stop loss is at 80.82.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX still finding strong support on the level of 80.62. If the USDX manages to break that level, it is expected to fall to the level of 80.11. On the other hand (which is not likely for now), if the USDX makes a bullish rebound at current levels, it is expected to rise to the level of 81.10, where the 200 day moving average is located. However, it seems that the strength of the bears are doing this in the USDX. The MACD indicator is still in negative territory.
H4 chart: The USDX is moving near the 200 SMA, which means that the USDX has not yet found a way to define the trend in this chart. The USDX is trying to break the resistance level of 80.75, with the formation of a bullish pattern. If successful, it is expected to rise to the level of 80.87. Furthermore, if the USDX achieves in break the support at 80.65 level, it would be expected to drop to the level of 80.49. The MACD indicator is in neutral territory.
H1 chart: The USDX found support at the 80.59 level, so the USDX failed to consolidate below that level to fall to the support level of 80.35. However, the USDX tried to climb up the 200 SMA, but this met with resistance in the 80.73 level. If the USDX manages to break that level, it is expected to rise to the level of 80.80. Furthermore, if the USDX achieves in break the support level of 80.59, it’s expected to fall to the level of 80.35. The MACD indicator is in extreme overbought zone and entering negative 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 80.59, take profit is at 80.35, and stop loss is at 80.82.
The material has been provided by InstaForex Company – www.instaforex.com
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