Daily chart: The USDX remains below the 200-day moving average, but the bullish bias remains intact in the USDX, so it is very likely that the USDX will perform a consolidation above the 200 SMA. However, if the USDX does make a breakout at the support level of 80.11, it's expected to fall to the level of 79.19. The MACD indicator is in the overbought zone.
H4 chart: The USDX has made a pullback at the level of 80.50, but the USDX remains above the support level of 80.35. If the USDX does make a breakout on the resistance level of 80.60, it's expected to rise to the level of 81.50 in the medium term, where there is a bullish trend line. The MACD indicator is in negative territory.
H1 chart: The USDX has met resistance above the level of 80.35, but now, the USDX is trying to make a breakout at that level again. If successful, it is expected to rise to the resistance level of 80.60. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the support level of 80.15. 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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