Daily chart: The USDX is consolidating above the support level of 80.11 with the formation of a bullish pattern. However, remember that the USDX is very strong in the bearish trend, because it is located below the 200 SMA. For now, we recommend caution when placing trades in the long term for the USDX. The MACD indicator is in the positive territory.
H4 chart: The UUSDX found resistance at the level of 80.24 and the 200-day moving average. Now, the USDX is falling toward the support level of 79.99. If the USDX does make a breakout at that level, the drop would extend to the level of 79.74 in the medium term. The MACD indicator is in the negative territory.
H1 chart: The USDX has fallen to the 200-day moving average, where the USDX is trying to form a higher low pattern for a breakout. If successful, it is expected to fall to the level of 79.88. However, it is expected to rise to the level of 80.35 if the USDX makes a bullish rebound to current levels. 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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