Daily chart: The USDX has made a pullback on the resistance level of 80.62. If the USDX does fall to the support level of 80.11, it is likely that the bearish trend dominate again for the USDX on this chart. However, if the USDX does make a breakout at the resistance level of 80.62, it's expected to rise to the level of 81.50. The MACD indicator is in the positive territory.
H4 chart: The USDX is trying to make a breakout at the support level of 80.35. If successful, it is expected to fall to the level of 80.15, which is very close to the 200-day moving average. Moreover, if the USDX does make a breakout at the resistance level of 80.60, it is expected to rise to the level of 81.00. The MACD indicator is in the negative territory.
H1 chart: The USDX has fallen to the support level of 80.35, where the 200 SMA is located. If the USDX does make a breakout at that level, it is expected to fall to the level of 80.15. On the other hand, if the USDX makes a rebound at the current levels, it's expected to rise to the level of 80.59. The MACD indicator is in the 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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