Daily chart: The USDX has made a strong pullback at the resistance level of 80.62. 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, which would usher in a new era of bearish trend in the USDX. However, the USDX could be forming a bullish pattern. The MACD indicator is in the overbought zone.
H4 chart: The USDX is again trying to consolidate below the resistance level of 80.60, as the USDX made a pullback to the 81.00 level. 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, where the 200 SMA is. MACD is in negative territory.
H1 chart: The USDX found resistance at the 80.93 level as the USDX had a fall to the support level of 80.35, which is below the 200 SMA achieves. If the USDX make a breakout at that level, it would be expected to fall to the level of 80.15. The MACD indicator 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 80.35, take profit is at 80.15, and stop loss is at 80.54.
The material has been provided by InstaForex Company - www.instaforex.com
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