Daily chart: The USDX is trying to break the resistance at the 80.62 level. If the USDX manages to break that level, it is expected to rise to the level of 81.50, where the 200-day moving average is situated. On the other hand, we must bear in mind that the USDX could make a bearish rebound at current levels and fall to the support level at 80.11. The USDX remains below the 200-day moving average, but the MACD indicator is in positive territory, so we must be cautious.
H4 chart: The USDX is forming a lower high pattern below the resistance level of 80.50. The USDX tried to consolidate above this level but failed. If the USDX manages to break that level, it is expected to rise to the level of 80.65. On the other hand, USDX it is very likely to fall to support at the 80.09 level, where the bearish trendline sits. The MACD indicator is in extreme overbought zone and entering negative territory.
H1 chart: The USDX is maintained within the range between the 80.59 and 80.35 levels. If the USDX manages to break the resistance at the 80.59 level, it would be expected to rise to the level of 80.73. Furthermore, if the USDX achieves in breaking the support level of 80.35, it is expected to drop to the level of 80.15, where the SMA 200 is placed. The MACD indicator is entering extreme oversold zone and stays in neutral territory, so we must be cautious to any change in the trend.
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 80.59, take profit is at 80.73, and stop loss is at 80.44.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX is trying to break the resistance at the 80.62 level. If the USDX manages to break that level, it is expected to rise to the level of 81.50, where the 200-day moving average is situated. On the other hand, we must bear in mind that the USDX could make a bearish rebound at current levels and fall to the support level at 80.11. The USDX remains below the 200-day moving average, but the MACD indicator is in positive territory, so we must be cautious.
H4 chart: The USDX is forming a lower high pattern below the resistance level of 80.50. The USDX tried to consolidate above this level but failed. If the USDX manages to break that level, it is expected to rise to the level of 80.65. On the other hand, USDX it is very likely to fall to support at the 80.09 level, where the bearish trendline sits. The MACD indicator is in extreme overbought zone and entering negative territory.
H1 chart: The USDX is maintained within the range between the 80.59 and 80.35 levels. If the USDX manages to break the resistance at the 80.59 level, it would be expected to rise to the level of 80.73. Furthermore, if the USDX achieves in breaking the support level of 80.35, it is expected to drop to the level of 80.15, where the SMA 200 is placed. The MACD indicator is entering extreme oversold zone and stays in neutral territory, so we must be cautious to any change in the trend.
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 80.59, take profit is at 80.73, and stop loss is at 80.44.
The material has been provided by InstaForex Company – www.instaforex.com
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