Daily chart: The USDX performed a bearish rebound at the resistance level at 80.62 and near that level, it formed a fractal. This resistance level is very strong and will be very difficult for the USDX to break. This is likely to drop to the level of 80.11. However, if the USDX achieves in breaking the support level of 80.11, it is expected to drop to the level of 79.19. The MACD indicator remains in positive territory and the USDX remains below the 200-day moving average.
H4 chart: The USDX is falling below resistance at the 80.50 level, and it is very likely that it fall to support at the 80.09 level, which the bearish trendline is placed around. However, this could be the formation of a lower high pattern. It is very likely that the USDX attempt to climb upper the 200-day moving average near resistance at the 80.75 level. Furthermore, if the USDX achieves in breaking the support level of 80.06, it is expected to drop to the level of 79.63. The MACD indicator is entering negative territory.
H1 chart: The USDX made a bullish rebound at the 200-day moving average and now, the USDX is trying to climb to the resistance at the 80.59 level. However, this week USDX opened with a bearish gap below the resistance level of 80.35. There is a chance it falls to support at the 80.15 level (below the 200-day moving average), but it is very possible that the USDX is consolidating above the 80.35 level. The MACD indicator is entering neutral 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 80.35, take profit is at 80.59, and stop loss is at 80.11.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX performed a bearish rebound at the resistance level at 80.62 and near that level, it formed a fractal. This resistance level is very strong and will be very difficult for the USDX to break. This is likely to drop to the level of 80.11. However, if the USDX achieves in breaking the support level of 80.11, it is expected to drop to the level of 79.19. The MACD indicator remains in positive territory and the USDX remains below the 200-day moving average.
H4 chart: The USDX is falling below resistance at the 80.50 level, and it is very likely that it fall to support at the 80.09 level, which the bearish trendline is placed around. However, this could be the formation of a lower high pattern. It is very likely that the USDX attempt to climb upper the 200-day moving average near resistance at the 80.75 level. Furthermore, if the USDX achieves in breaking the support level of 80.06, it is expected to drop to the level of 79.63. The MACD indicator is entering negative territory.
H1 chart: The USDX made a bullish rebound at the 200-day moving average and now, the USDX is trying to climb to the resistance at the 80.59 level. However, this week USDX opened with a bearish gap below the resistance level of 80.35. There is a chance it falls to support at the 80.15 level (below the 200-day moving average), but it is very possible that the USDX is consolidating above the 80.35 level. The MACD indicator is entering neutral 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 80.35, take profit is at 80.59, and stop loss is at 80.11.
The material has been provided by InstaForex Company – www.instaforex.com
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