Daily chart: The USDX has had a strong fall below the resistance level of 80.11, so it is very likely that the USDX to fall to the support level of 79.19 soon. If the USDX manages to consolidate below the 79.55 level, this fall might happen. On the other hand, if the USDX makes a bullish rebound at the current levels, it is expected to rise to the resistance level of 80.11. The MACD indicator is in negative territory.
H4 chart: The USDX is forming a bearish pattern below the resistance level of 79.59. If the USDX manages to consolidate below this level, it would be expected to fall to the level of 78.90, where a bearish trend line is. On the other hand, it would be expected to rise to the level of 79.81 if USDX executes a breakout at the level of 79.69. The MACD indicator is still in negative territory.
H1 chart: The USDX has found resistance at the 200-day moving average and now the USDX is forming a higher low pattern below the resistance level of 79.88. If the USDX does make a breakout at the support level of 79.64, it's expected to fall to the level of 79.39. On the other hand, if the USDX managed to break the resistance level of 79.88, it's expected to rise to the level of 80.15. The MACD indicator is oversold.
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 79.64, take profit is at 79.39, and stop loss is at 79.89.
The material has been provided by InstaForex Company - www.instaforex.com
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