Daily chart: The USDX opened this week with a bullish gap, but remember that the USDX has been in a strong bearish bias, so this gap can help the USDX begin to form a higher low pattern to continue falling. The nearest support level is at the level of 79.50 and it is very likely that USDX falls there. The USDX remains below the 200 SMA and MACD is in negative territory.
H4 chart: The USDX is maintained within the range between the 79.93 and 79.81 levels, where is forming a bearish pattern. If the USDX does make a breakout at the level of 79.69, it's expected to fall to the level of 79.10, which holds one bearish trend line. On the other hand, if the USDX manages to consolidate above the resistance level of 79.93, it's expected to rise to the level of 80.09. The MACD indicator is in negative territory.
H1 chart: The USDX is forming a bearish pattern below resistance level of 79.88. Now, the bearish bias is very strong, so it's highly recommended to follow putting sell orders on the USDX. If the USDX does make a breakout in the support level of 79.64, it's expected to fall to the level of 79.39. The MACD indicator is oversold and entering positive territory, so we must be careful anyway.
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 79.64, take profit is at 79.39, and stop loss is at 79.90.
The material has been provided by InstaForex Company - www.instaforex.com
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