Daily chart: The USDX is maintained in the current bearish trend, so it is very likely that the USDX will touch the support level of 79.19 soon. However, we must be cautious to a bullish rebound at current levels, as the USDX is oversold and it is normal to perform corrective movements. The MACD indicator is in negative territory.
H4 chart: The USDX is moving in a low range in a bearish pattern formed below the bearish trend line at the level of 79.45. If the USDX does make a breakout in the support level of 79.27, it's expected to fall to the level of 78.20. On the other hand, it must be stressed that the USDX is oversold. The MACD indicator is in neutral territory.
H1 chart: During the last hours, the USDX has made slow movements above the support level of 79.39, which may be an indication that the USDX has found strong support on this level, so it is likely that the USDX rises to the resistance level of 79.64. However, we must put buy orders with caution. The MACD indicator is in positive 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 79.39, take profit is at 79.13, and stop loss is at 79.64.
The material has been provided by InstaForex Company - www.instaforex.com
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