Daily chart: The USDX has been in a phase of slow movements, but without abandoning its primary purpose of forming a bearish pattern (higher low pattern). If the USDX manages to break the support at the 79.19 level, it could fall further to the support level of 78.12. On the other hand, remember that the USDX has fallen very lateralized in recent days, so the USDX could make a bullish rebound at the current levels. The MACD indicator remains in negative territory.
H4 chart: However, in this chart, the USDX continues to fall and following the path of the bearish trend lines. Currently, the USDX is forming a higher low pattern if the USDX breaks that trend line, it is expected to drop to the level of 78.85. On the other hand, if the USDX fails to make a bullish rebound at current levels, it would be expected to rise to the resistance level at 79.63. The MACD indicator is in extreme oversold zone and entering neutral territory.
H1 chart: The USDX is maintained within the range between the 79.39 and 79.13 levels. If the USDX manages to break the support level at 79.13, it is expected to fall to the level of 78.92, which would be a clear indication that the USDX wants to continue the bearish trend. On the other hand, if the USDX manages to break the resistance at the 79.39 level, it would be expected to rise to the level of 79.64. The MACD indicator remains in positive 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 79.13, take profit is at 78.92, and stop loss is at 79.39.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX has been in a phase of slow movements, but without abandoning its primary purpose of forming a bearish pattern (higher low pattern). If the USDX manages to break the support at the 79.19 level, it could fall further to the support level of 78.12. On the other hand, remember that the USDX has fallen very lateralized in recent days, so the USDX could make a bullish rebound at the current levels. The MACD indicator remains in negative territory.
H4 chart: However, in this chart, the USDX continues to fall and following the path of the bearish trend lines. Currently, the USDX is forming a higher low pattern if the USDX breaks that trend line, it is expected to drop to the level of 78.85. On the other hand, if the USDX fails to make a bullish rebound at current levels, it would be expected to rise to the resistance level at 79.63. The MACD indicator is in extreme oversold zone and entering neutral territory.
H1 chart: The USDX is maintained within the range between the 79.39 and 79.13 levels. If the USDX manages to break the support level at 79.13, it is expected to fall to the level of 78.92, which would be a clear indication that the USDX wants to continue the bearish trend. On the other hand, if the USDX manages to break the resistance at the 79.39 level, it would be expected to rise to the level of 79.64. The MACD indicator remains in positive 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 79.13, take profit is at 78.92, and stop loss is at 79.39.
The material has been provided by InstaForex Company – www.instaforex.com
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