Daily chart: The USDX is consolidating above the support level of 80.11, so it is very likely that the USDX start making some corrective movements. If the USDX strongly manages to consolidate above this level, it's expected to rise to the resistance level of 80.62, which would be a definite trend change. The MACD indicator is in neutral territory, so we must be cautious.
H4 chart: The USDX has found resistance at the 80.15 level, which has become a fairly strong level. If the USDX does make a breakout at that level, it would be expected to rise to the resistance level of 80.44. On the other hand, if the USDX does make a breakout at the support level of 80.09, it's expected to fall to the level of 79.93. The MACD indicator is in positive territory.
H1 chart: The USDX managed to rise to the resistance level of 80.15, where the 200-day moving average is located. It is very likely that the USDX will make a bearish rebound at this level, since the 200 SMA is shown as a strong resistance level, so it would be expected to fall to a support level of 79.88. On the other hand, if the USDX does make a breakout at the level of 80.15, it's expected to rise 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 USD Index breaks with a bearish candlestick; the support level is at 79.88, take profit is at 79.64, and stop loss is at 80.12.
The material has been provided by InstaForex Company - www.instaforex.com
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