Daily chart: The USDX is conducting a breakout at the level of 80.11, so it is very likely that the USDX will rise to 200 SMA in the coming days. However, caution should be exercised with the pullbacks that the USDX could do, and it would be expected to fall to the level of 79.50 if the USDX makes a pullback. The MACD indicator is in positive territory.
H4 chart: The USDX has found resistance at the 80.15 level, so that the USDX stays below that level. If the USDX does make a breakout on the resistance level of 80.35, it's expected to rise to the level of 80.58. For now, we recommend caution. The MACD indicator is in positive territory.
H1 chart: The USDX made a pullback near the 80.25 level and now the USDX is again located below the resistance level of 80.15. If the USDX manages to consolidate above this level, it would be expected to rise to the level of 80.35. On the other hand, it's expected to drop to the 200 SMA if the USDX makes a pullback at current levels. MACD is in positive 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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