Daily chart: The USDX has not had major changes below the 200 SMA. Now, the USDX is trying to consolidate above this level. If successful, it is expected to rise to the resistance level of 80.62. However, the bearish outlook remains alive while the USDX is below the 200 SMA. The MACD indicator is moving into the positive territory.
H4 chart: The USDX has found resistance at the 80.34 level. Now, the USDX is trying to make a breakout at the support level of 80.09. If successful, it is expected to fall to the level of 79.93, which would be a bearish consolidation, given that the USDX is below the 200 SMA. The MACD indicator is in the negative territory.
H1 chart: The USDX is approaching the support level of 80.15 where the 200 SMA is located, which is likely to make a bullish rebound at that level and up to the resistance level of 80.35. On the other hand, if the USDX does make a breakout at the support level, it is expected to fall to the level of 79.88. The MACD indicator is in the 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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