Daily chart: The USDX continues forming a higher low pattern below the 200 SMA. During yesterday's session, the USDX made no definitive trend movements in general, since the USDX remains above the support level of 80.62. Recall that if the USDX manages to break that level, it would be expected to drop to the level of 80.11. The MACD indicator is in negative territory.
H4 chart: The USDX found resistance at the 200-day moving average and there, the USDX formed a fractal, so it is very likely that the bearish rebound extends to the support level of 80.48. If the USDX manages to consolidate below the level of 80.44,would be expected to fall to the level of 80.15. Moreover, consolidation above the 200 SMA could lead the USDX to strengthen the bullish bias. The MACD indicator is in positive teritory.
H1 chart: The USDX remains below the point of control at the level of 80.73, after the USDX has found resistance near the level of 80.80. For now, the USDX is maintained within the range between the 80.73 and 80.59 levels. A breakout at any of these levels could define the intraday trend on the USDX. We recommend caution when placing orders within this range. The MACD indicator is in negative territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD 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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