Daily chart: The USDX is consolidating above the support level of 80.11. Now, it is very likely that the USDX attempts to climb to the resistance level of 80.62. On the other hand, it's expected to start forming a lower high pattern above this level. The USDX remains below the 200 SMA and MACD is in positive territory.
H4 chart: The USDX is forming a bullish pattern above the level of 80.15, so that the next target for the USDX would be 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 entering extremely overbought zone, but still in positive territory.
H1 chart: The USDX has found resistance at the 80.35 level, but it is very likely that the USDX will try again to make a breakout at that level. If successful, it is expected to rise to the resistance level of 80.59. On the other hand, if the USDX does make a breakout at the support level of 80.15, it's expected to fall to the level of 79.88. The MACD indicator is in negative territory.
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 80.35, take profit is at 80.59, and stop loss is at 80.10.
The material has been provided by InstaForex Company - www.instaforex.com
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