Daily chart: The USDX has had a bullish momentum above the support level of 79.19, but this is part of the corrective moves being made by the USDX after the fall that has occurred in recent days from the 200 SMA. USDX does make a breakout at the level of 79.85, it's expected to rise to the level of 80.11. The MACD indicator is in negative territory.
H4 chart: The USDX is consolidating above the support level of 79.69 and now the USDX is forming a lower high pattern above that level. If the USDX does make a breakout on the resistance level of 79.93, it's expected to rise to the level of 80.09. For now, the USDX remains a poorly defined trend. The MACD indicator is in positive territory.
H1 chart: The USDX is finding resistance at the 200-day moving average, so we must be vigilant against a bearish rebound at that level. However, 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 manages to consolidate above the 200-day moving average, it's expected to rise to the level of 80.15. The MACD indicator is in negative 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 79.64, take profit is at 79.39, and stop loss is at 79.90.
The material has been provided by InstaForex Company - www.instaforex.com
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