Daily chart: The USDX remains above the support level of 80.11, after the USDX has made a strong bullish movement above this level. It is very likely that the USDX rises to the resistance level of 80.62, only if the USDX makes a breakout on the resistance level of 80.30. The MACD indicator remains in positive territory.
H4 chart: The USDX made a bullish rebound above the 200-day moving average and now, the USDX is trying to establish itself on a bearish trend line near the 80.20 level. If successful, it is expected to rise to the resistance level of 80.35. If the USDX does make a breakout on the resistance level of 80.35, it's expected to rise to the level of 80.44. The MACD indicator is in positive territory.
H1 chart: The USDX remains above the 200 SMA and the support level of 80.15, so it is very likely that the USDX rise to the resistance level of 80.35. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.59. On the other hand, if the USDX manages to make a breakout in the support level of 80.15, it's expected to fall to the level of 79.88. 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 80.35, take profit is at 80.59, and stop loss is at 80.11.
The material has been provided by InstaForex Company - www.instaforex.com
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