Daily chart: After the fall that the USDX had last week, now it is making corrective movements in favor of the bearish trend. Now, it is very likely that the USDX begins to form a higher low pattern below resistance level of 80.11. If the USDX manages to consolidate below the 79.50 level, it would be expected to fall to the support level of 79.19. The MACD indicator is in negative territory.
H4 chart: The USDX remains above the support level of 79.69. Now, the USDX is trying to make a breakout at that level, then fall to the bearish trend line near the 78.95 level. On the other hand, if the USDX manages to consolidate above the resistance level of 79.81, it's expected to rise to the level of 79.93. The MACD indicator is oversold.
H1 chart: The USDX had a fall below the support level of 79.64, but the USDX failed to touch the level of 79.39 and rose again to consolidate above the 79.64 level. If the USDX does make a breakout at the support level of 79.64, it's expected to fall to the level of 79.34. Furthermore, if USDX is able to consolidate above the level of 79.88, it's expected to rise to the level of 80.15. The MACD indicator is in positive territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks the bearish candlestick; the support level is at 79.64, take profit is at 79.39, and stop loss is at 79.89.
The material has been provided by InstaForex Company - www.instaforex.com
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