Daily chart: The USDX is near a very strong resistance at the level of 81.50. If the USDX does make a breakout at that level, the bullish trend will strengthen and eventually the USDX could rise to the level of 82.51 in the long term. However, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the level of 81.00, where the 200-day moving average is located. The MACD indicator is moving into positive territory.
H4 chart: The USDX has consolidated above the support level of 81.19. If the USDX manages to break the resistance level of 81.29, it is expected to rise to the level of 81.39. Furthermore, if the USDX breakes through the support level of 81.29, it's expected to fall to the level of 80.99. The bullish trend is very strong, as the USDX remains above the 200 SMA. The MACD indicator is entering extremely overbought zone.
H1 chart: The USDX has remained within the range between 81.40 and 81.09, so the USDX still has high chances to continue the bullish trend this week, as this has remained above the moving average of 200. If the USDX manages to break the resistance level of 81.40, it's expected to rise to the level of 81.58. The MACD indicator is in negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks with a bullish candlestick; the resistance level is at 81.98, take profit is at 81.40, and stop loss is at 80.77.
The material has been provided by InstaForex Company - www.instaforex.com
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