Daily chart: The USDX has established below the resistance level of 80.11. If the USDX does make a breakout in the support level of 79.50, it's expected to fall to the level of 79.19, which has been a strong support level on the USDX. For now, we recommend being cautious when placing buy orders. The MACD indicator is in negative territory.
H4 chart: The USDX is forming a higher low pattern below resistance level of 79.93. If the USDX does make a breakout at the level of 79.50, it's expected to fall to the level of 79.33, which would help strengthen the bearish outlook on the USDX. The MACD indicator is entering oversold.
H1 chart: The USDX remains below the resistance level of 79.88, because the USDX has been moving sideways in below that level, so it is very likely that the USDX to fall in the coming hours to the level of support 79.64. If the USDX does make a breakout at that level, the next target would be the support level of 79.39. The MACD indicator is in 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 79.64, take profit is at 79.39, and stop loss is at 79.90.
The material has been provided by InstaForex Company - www.instaforex.com
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