Daily chart: The USDX is conducting a breakout in the support level of 80.11. Now, the USDX tries to fall below that level to its decline. For now, the next goal remains the support level of 80.19. However, we recommend being cautious when placing buy orders in the USDX while it remains below the level of 80.11. The MACD indicator is in negative territory.
H4 chart: The USDX is consolidating below the level of 80.09 and the 200 day moving average. However, it is likely that the USDX continues falling to the support level of 80.33, due to the strong weakness which currently offers the USDX in this chart. The MACD indicator is in negative territory
H1 chart: The USDX continues to fall below the resistance level of 80.15 and the next target is now the support level of 79.88. If the USDX does make a breakout at that level, it would be expected to fall to the level of 79.64, which would be a strong bearish consolidation in this chart, because the USDX is below the 200 SMA. Indicator MACD is in negative territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 79.88, take profit is at 79.64, and stop loss is at 80.12.
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