Daily chart: The USDX goes up and trying to get to the resistance at the 80.11 level. If the USDX manages to break that level, it is expected to rise to resistance at the 80.62 level. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to support at the 79.19 level. Meanwhile, USDX continues forming a higher low pattern. The MACD indicator remains in positive territory.
H4 chart: The USDX is establishing above the level of resistance at 79.63, with the formation of a lower high pattern. It is very likely that this resistance rises to the level of 80.06. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to support at the 78.95 level, where slightly bearish trend line is placed. The MACD indicator is entering extremely overbought zone and in neutral territory.
H1 chart: The USDX is forming a pattern lower the high resistance below the level of 79.88. If the USDX manages to break this resistance level, it is expected to rise to the level of 80.15. However, this could be unlikely because the USDX formed a fractal resistance near that level. Furthermore, if the USDX achieves in breaking the level of 79.64, it is expected to drop to the level of 79.39. 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 79.88, take profit is at 80.15, and stop loss is at 79.39.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The USDX goes up and trying to get to the resistance at the 80.11 level. If the USDX manages to break that level, it is expected to rise to resistance at the 80.62 level. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to support at the 79.19 level. Meanwhile, USDX continues forming a higher low pattern. The MACD indicator remains in positive territory.
H4 chart: The USDX is establishing above the level of resistance at 79.63, with the formation of a lower high pattern. It is very likely that this resistance rises to the level of 80.06. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to support at the 78.95 level, where slightly bearish trend line is placed. The MACD indicator is entering extremely overbought zone and in neutral territory.
H1 chart: The USDX is forming a pattern lower the high resistance below the level of 79.88. If the USDX manages to break this resistance level, it is expected to rise to the level of 80.15. However, this could be unlikely because the USDX formed a fractal resistance near that level. Furthermore, if the USDX achieves in breaking the level of 79.64, it is expected to drop to the level of 79.39. 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 79.88, take profit is at 80.15, and stop loss is at 79.39.
The material has been provided by InstaForex Company – www.instaforex.com
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