Daily chart: The USDX is consolidating above the 200-day moving average, so now the USDX will try to make a breakout at the resistance level of 80.62. If successful, it is expected to rise to the level of 81.50 in the long term. However, it is likely that the USDX will make a pullback on the 200-day moving average to form a bullish pattern. The MACD indicator is in positive territory.
H4 chart: 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 81.65, where the bullish trend line is. However, if the USDX does make a breakout at the support level of 80.35, it's expected to fall to the level of 80.15. The MACD indicator is entering neutral territory.
H1 chart: The USDX has made a successful breakout at the level of 80.35 and now the USDX is finding resistance at the 80.59 level. However, if the USDX does make a breakout at that level, it would be expected to rise to the level of 80.73. 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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