Daily chart: The USDX rose to the resistance level of 80.11 after reacting positively to the news that appeared from the US Federal Reserve. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.62. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the support level of 79.75. The MACD indicator is in positive territory.
H4 chart: The USDX has touched the 200 SMA and the bearish trend line near that level. If the USDX manages to consolidate above the 80.15 level, it is expected to rise to the level of 80.44. On the other hand, if the USDX makes a bearish rebound at that level, it would be expected to fall to the level of 79.81 as near current levels, there is a bearish trend line. The MACD indicator is in positive territory.
H1 chart: The USDX has consolidated above the 200 SMA a bullish pattern. If the USDX does make a breakout on the resistance level of 80.15, it's expected to rise to the level of 80.35. Furthermore, if USDX is able to consolidate below the support level of 79.88, it's expected to fall to the level of 79.64. The MACD indicator is in the overbought zone.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.15, take profit is at 80.35, and stop loss is at 79.95.
The material has been provided by InstaForex Company - www.instaforex.com
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