Daily chart: The USDX is very close to making a breakout at the resistance level of 80.11. If successful, it is expected to rise to the resistance level of 80.62, which is very close to the 200 SMA. However, keep in mind that the USDX has had a pretty lateralized bullish trend, so the USDX could make corrective movements. The MACD indicator is in positive territory.
H4 chart: The USDX has found resistance at the 80.15 level, but the USDX could achieve consolidate above this level. If successful, it is expected to rise to the resistance level of 80.35. However, the USDX could make a breakout at the support level of 80.09 and falling to the level of 79.99. The MACD indicator is entering neutral territory.
H1 chart: The USDX is trying to make a breakout at the resistance level of 80.15, as the USDX could rise to the level of 80.35. However, it is likely that the USDX will fall to the support level of 79.88. However, if the USDX does make a breakout at the support level, it is expected to fall to the level of 79.64. The MACD indicator is in negative territory.
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 80.15, take profit is at 80.35, and stop loss is at 79.95.
The material has been provided by InstaForex Company - www.instaforex.com
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