Daily chart: The USDX is trying to fall to the support level at 80.11. Recall that the USDX formed a fractal near the resistance at the 80.62 level and it is very likely that this pair begins to strengthen the bearish trend. If the USDX achieves in breaking the support at the 80.11 level, it would be expected to drop to the level of 79.19. On the other hand, we recommend great caution, because the USDX does not have a very definite general trend. The MACD indicator remains in positive territory.
H4 chart: The USDX continues to fall and finding support at the bearish trendline support there near the 80.09 level. The USDX could continue to deepen its decline to the support at the 79.63 level, if this made a breakout at that level. Moreover, one would expect that the USDX rises to the resistance level of 80.50, but it is not yet certain, because the USDX remains below 200 SMA, so our bearish outlook follows standing. The MACD indicator remains in negative territory .
H1 chart: The USDX again found resistance at the 80.35 level and took a fall to the support level at 80.15, where this made a bullish rebound. Now, the USDX is trying to break the resistance at the 80.35 level and if it succeeds, it would be expected to rise to the level of 80.59. Furthermore, if the USDX achieves in breaking the support level of 80.15, it is expected to drop to the level of 79.88. The MACD indicator is in extreme overbought zone and entering negative 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 is trying to fall to the support level at 80.11. Recall that the USDX formed a fractal near the resistance at the 80.62 level and it is very likely that this pair begins to strengthen the bearish trend. If the USDX achieves in breaking the support at the 80.11 level, it would be expected to drop to the level of 79.19. On the other hand, we recommend great caution, because the USDX does not have a very definite general trend. The MACD indicator remains in positive territory.
H4 chart: The USDX continues to fall and finding support at the bearish trendline support there near the 80.09 level. The USDX could continue to deepen its decline to the support at the 79.63 level, if this made a breakout at that level. Moreover, one would expect that the USDX rises to the resistance level of 80.50, but it is not yet certain, because the USDX remains below 200 SMA, so our bearish outlook follows standing. The MACD indicator remains in negative territory .
H1 chart: The USDX again found resistance at the 80.35 level and took a fall to the support level at 80.15, where this made a bullish rebound. Now, the USDX is trying to break the resistance at the 80.35 level and if it succeeds, it would be expected to rise to the level of 80.59. Furthermore, if the USDX achieves in breaking the support level of 80.15, it is expected to drop to the level of 79.88. The MACD indicator is in extreme overbought zone and entering negative 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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