Daily chart: The USDX is trying to make a breakout in the 200 SMA as the USDX found strong support at the 80.11 level. If the USDX does make a breakout at the resistance level of 80.62, it is expected to rise to the level of 81.50, which could lead the U.S. dollar to test new highs. The MACD indicator is in the positive territory.
H4 chart: The USDX is trying to make a breakout at the level of 80.34. So, the USDX is likely to climb to the resistance level of 81.02. If the USDX makes a bearish rebound at current levels, it is expected to fall to the level of 80.24. However, while the USDX remains above the 200 SMA, the bullish outlook remains alive. The MACD indicator is in the positive territory.
H1 chart: The USDX has had a bullish momentum above the 200-day moving average so far. The USDX is trying to form a bullish pattern above the support level of 80.35. If the USDX does make a breakout at the resistance level of 80.59, it is expected to rise to the level of 80.73. The MACD indicator is in the overbought zone.
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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