Daily chart: The USDX has found resistance at the 200-day moving average, where the USDX has made a pullback that could lead to falling to the support level of 80.11. If the USDX does make a breakout at that level, it would be expected to fall to the level of 79.19. On the other hand, if the USDX makes a rebound at the current levels, it's expected to rise to the resistance level of 80.62. The MACD indicator is in the overbought zone.
H4 chart: The USDX is very close to touching the support level of 80.15. However, the bullish outlook remains alive because the USDX remains above the 200 SMA and the possibility exists that the USDX make a rebound at the support level. However, if the USDX does make a breakout at the level of 80.09, it's expected to fall to the level of 79.99. The MACD indicator is in negative territory.
H1 chart: The USDX is approaching the 200-day moving average, which is close to the support level of 80.15. If the USDX does make a breakout at the resistance level of 80.35, it's expected to rise to the level of 80.59. Furthermore, if USDX is able to consolidate below the SMA 200, it's expected to fall to the level of 79.88. 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 80.35, take profit is at 80.59, and stop loss is at 80.10.
The material has been provided by InstaForex Company - www.instaforex.com
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