Daily chart: The USDX continues to strengthen the current bearish trend, because the USDX has consolidated back below the 200 SMA Now, probably in the next few hours, the USDX will fall to the support level of 80.11, which has been a strong level in the current bearish of the USDX. The MACD indicator is in negative territory.
H4 chart: The USDX has been consolidated within the range between 80.34 and 80.24 levels. If the USDX does make a breakout at the resistance level of 80.34, it would be expected to rise to the level of 80.60, which would be a bullish consolidation. On the other hand, if the USDX does make a breakout at the level of 79.93, it's expected to fall to the level of 79.50. The MACD indicator is in neutral territory.
H1 chart: The USDX has made a successful breakout at the support level of 80.35, so far, the USDX will try to fall to the level of 80.15. If the USDX does make a breakout at that level, it would be expected to fall to the level of 79.88. For now, the USDX is very strong in the current bearish trend. 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 80.15, take profit is at 79.88, and stop loss is at 80.42.
The material has been provided by InstaForex Company - www.instaforex.com
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