Daily chart: The USDX is trying to take again the bullish trend which was missing forming for a couple of weeks. Now, the USDX is heading up to the 200-day moving average, as this is making a breakout in the resistance level of 80.62. However, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the level of 80.11. The MACD indicator is still in negative territory.
H4 chart: The 200 SMA is serving as the dynamic resistance on the USDX, so we must be prepared to any bearish rebound near this level. However, the USDX is trying to consolidate above this level. If successful, it is expected to rise to the resistance level of 80.83. The MACD indicator is in positive territory, so the bullish consolidation is very possible.
H1 chart: The USDX has found strong support on the level of 80.59 and now, this is trying to climb to the 200-day moving average, which is close to the resistance level of 80.73. If the USDX makes a breakout at that level, it would be expected to rise to the level of 80.93. Furthermore, if the USDX breaks the support level of 80.59, it's expected to fall to the level of 80.35 . The MACD indicator is 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 80.59, take profit is at 80.35, and stop loss is at 80.83.
The material has been provided by InstaForex Company - www.instaforex.com
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