Daily chart: The USDX has had a significant drop to the support level of 80.62, where the USDX is trying to make a breakout to continue falling to 200 SMA; however, USDX is likely to make a bullish rebound at the current levels, but it seems that the USDX is encountering strong resistance at current levels. The MACD indicator is in the overbought zone.
H4 chart: The USDX has found support at the 80.60 level and now the USDX is trying to make a breakout at that level. If successful, it is expected to fall to a support level of 80.34. However, if the USDX does make a bullish breakout at the trend line, it is expected to rise again to the resistance level of 81.02. The MACD indicator is in negative territory.
H1 chart: The USDX had a fall to the support level of 80.59, where the USDX is trying to make a breakout to fall to the level of 80.35. However, if the USDX makes a bullish rebound at current levels, it is expected to rise to the resistance level of 80.73, which would be a bullish consolidation. 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 80.59, take profit is at 80.35, and stop loss is at 80.83.
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