Daily chart: Finally, the USDX was able to consolidate again below the 200 SMA, after it had found dynamic resistance at that level. Now, the USDX is consolidating below the level of 80.62. It is very likely that the USDX start forming a higher low pattern, to fall to the support level of 80.11. The MACD indicator is entering negative territory.
H4 chart: The USDX found resistance at the level of 81.29 and from there, the USDX had a profound drop to support level of 80.49. Previously, the USDX had formed a head and shoulders pattern, so that the change in the trend was imminent. The USDX is below the 200 SMA and if it manages to break the support level of 80.40, it's expected to fall to the level of 80.25. The MACD indicator is in negative territory.
H1 chart: The USDX is consolidating below the resistance level of 80.59, after having had a rather weak American session. Now, the USDX is forming a bearish pattern below that level. If the USDX manages to break the support level of 80.35, it's expected to fall to the level of 80.15. The MACD indicator is entering extremely oversold zone and in neutral territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks with a bearish candlestick; the support level is at 80.35, take profit is at 80.15, and stop loss is at 80.55.
The material has been provided by InstaForex Company - www.instaforex.com
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