Daily chart: The USDX has made a breakout at the 80.11 level and now is trying to consolidate above this level for rise to the 200-day moving average, which is close to the 80.50 level. However, if the USDX makes a pullback at current levels, it is expected to fall to the level of 79.75. The MACD indicator is entering oversold territory.
H4 chart: The USDX has found resistance at the 200-day moving average and now the USDX is forming a bullish pattern below the resistance level of 80.34. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.60, which is above the 200 SMA. The MACD indicator is in positive territory.
H1 chart: The USDX has consolidated above the 200 SMA and the 80.15 level, where the USDX is trying to form a bullish pattern. However, if the USDX does make a breakout at that level, it would be expected to fall back to the support level of 79.88. 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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