Daily chart: The USDX continues its bullish movements above the support level of 80.11 and is now approaching the 200-day moving average, where the USDX could find resistance. However, if the USDX does make a breakout on the resistance level of 80.62, it's expected to rise to the level of 81.50 in the medium term. The MACD indicator is oversold.
H4 chart: The USDX is trying to stay above the 200 SMA with the formation of a lower high pattern. If the USDX does make a breakout on the resistance level of 80.34, it's expected to rise to the level of 80.60. For now, the USDX is trying to find a clear trend for this week. The MACD indicator is in positive territory.
H1 chart: The USDX continues to move in the range above 200 SMA and the support level of 80.15. However, the USDX could make a pullback at current levels and fall back to the support level of 80.15. If the USDX does make a breakout in the support level of 80.15, it's expected to fall to the level of 79.88. The MACD indicator is entering neutral 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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