Daily chart: The USDX had another fall which failed to make a breakout below the support level of 80.11, so the USDX remains above that level. This level could be very strong and the USDX could perform a bullish rebound at current levels. However, if the USDX manages to consolidate below the 79.90 level, it would be expected to fall to the level of 79.19. The MACD indicator is in neutral territory.
H4 chart: In this chart, the USDX is maintained within the range between the levels of 80.15 and 80.09. If the USDX does make a breakout in the support level of 80.09, it's expected to fall to the level of 79.93, which would be very likely since the USDX remains very strong in the current bearish bias. The USDX is below the 200 SMA and MACD is in negative territory.
H1 chart: The USDX tried to consolidate below the 80.15 level, but the USDX made a bullish rebound near the 79.95 level. Now, the USDX is trying to make a breakout on the resistance level of 80.15. However, our bearish outlook remains alive while the USDX remains below the 200 SMA. The MACD indicator is in positive 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 80.15, take profit is at 79.88, and stop loss is at 80.42.
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