Daily chart: The USDX continues to fall below the resistance level of 80.11 and the chances that the USDX to fall to the support level of 79.19 is very high, because the USDX has formed a fractal at the 80.00 level. If the USDX does make a breakout in the support level of 79.50, it's expected to fall to the level of 79.19. The MACD indicator is entering negative territory.
H4 chart: The USDX has made a bearish rebound at the 200-day moving average, which is close to the resistance level of 79.93 and now it is very likely that the USDX will fall to the support level of 79.33. If successful, the next support level on the road would be the level of 78.75. The MACD indicator is in negative territory.
H1 chart: The USDX has found strong resistance at the 79.88 level and now the USDX is trying to make a breakout in the support level of 79.64 with the formation of a higher low pattern. If successful, it is expected to fall to the level of 79.39. The USDX is below the 200 SMA and 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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