Daily chart: The USDX is making a bullish rebound above the support level of 79.19, but this is part of the corrective movements for bearish trend. It is expected that this bullish momentum will continue to the level of 80.00. However, if the USDX does make a breakout at the support level of 79.19, it's expected to fall to the level of 78.12. The MACD indicator is in negative territory.
H4 chart: The USDX remains above the support level of 79.33. For now, it is likely that the USDX will attempt to climb to the resistance level of 79.69. If the USDX makes a breakout at that level, it would be expected to rise to the level of 79.93. On the other hand, if the USDX makes a breakout at the support level of 79.27, it's expected to fall to the level of 78.50. The MACD indicator is in positive territory.
H1 chart: The USDX continues to find strong support on the level of 79.39, but now, it is waiting for the USDX to perform some corrective moves. The USDX remains below the-200 SMA, so we must be cautious before a breakout at the 79.88 level, which could strengthen the bullish bias. 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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