Daily chart: The USDX continues to find support on the level of 80.11, which is located below the 200 SMA. Now the USDX could perform a bullish rebound above that level and try to climb up to the resistance level of 80.62. If the USDX does make a breakout at that level, it would be expected to rise to the level of 81.50. The MACD indicator is in negative territory.
H4 chart: The USDX has made a bullish rebound above the support level of 80.09, while the USDX is trying to make a breakout at that level, because the USDX is below the 200 SMA. If the USDX makes a breakout at the support level of 79.93, it's expected to fall to the level of 79.33. The MACD indicator is in negative territory.
H1 chart: The USDX is trying to form a bearish pattern below the 200 SMA and the resistance level of 80.35. If the USDX does make a breakout at the level of 80.15, it's expected to fall to the level of 79.88, which would be a bearish consolidation. The MACD indicator is moving into positive 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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