Daily chart: The USDX is now trying to break the resistance at the 80.11 level. USDX is likely to break that level, because the USDX has been oversold in recent days. However, remember that the USDX is still forming a higher low pattern in this chart If the USDX makes a bearish rebound at current levels, it would be expected to fall to the level of 79.1. The MACD indicator is in extreme oversold zone and entering positive territory, which could be a sign of a trend reversal in the USDX, but we recommend caution.
H4 chart: The USDX bullish strength is holding back and is likely to break the resistance at the 80.09 level. On the other hand, it is also likely that the USDX to fall to the level of 79.55, because it might run into strong resistance at the bearish trendline near the 80.15 level. The USDX remains below the 200-day moving average and the MACD indicator continues to stay in positive territory.
H1 chart: The USDX is moving in the range between the 80.15 and 79.88 levels. Now, the USDX is trying to consolidate above the 200-day moving average, but it is likely to conduct a bearish rebound and fall to support at the 79.88 level. On the other hand, if the USDX breaks the resistance at the 80.15 level, it would be expected to rise to the level of 80.35. The MACD indicator is in positive 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 80.15, take profit is at 80.35, and stop loss is at 79.96.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX is now trying to break the resistance at the 80.11 level. USDX is likely to break that level, because the USDX has been oversold in recent days. However, remember that the USDX is still forming a higher low pattern in this chart If the USDX makes a bearish rebound at current levels, it would be expected to fall to the level of 79.1. The MACD indicator is in extreme oversold zone and entering positive territory, which could be a sign of a trend reversal in the USDX, but we recommend caution.
H4 chart: The USDX bullish strength is holding back and is likely to break the resistance at the 80.09 level. On the other hand, it is also likely that the USDX to fall to the level of 79.55, because it might run into strong resistance at the bearish trendline near the 80.15 level. The USDX remains below the 200-day moving average and the MACD indicator continues to stay in positive territory.
H1 chart: The USDX is moving in the range between the 80.15 and 79.88 levels. Now, the USDX is trying to consolidate above the 200-day moving average, but it is likely to conduct a bearish rebound and fall to support at the 79.88 level. On the other hand, if the USDX breaks the resistance at the 80.15 level, it would be expected to rise to the level of 80.35. The MACD indicator is in positive 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 80.15, take profit is at 80.35, and stop loss is at 79.96.
The material has been provided by InstaForex Company – www.instaforex.com
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