Daily chart: The USDX remains below the level of 80.11, while the USDX is forming a bullish pattern to strengthen the bullish bias. If the USDX extends its decline to the support level of 79.55, next target would be the level of 79.19. On the other hand, it would be expected to rise to the level of 80.62 if USDX executes a breakout level of 80.11. The MACD indicator remains in positive territory.
H4 chart: The USDX is maintained within the range between the 80.09 and 79.93 levels. If the USDX manages to make a consolidation above the resistance level of 80.15, it's expected to rise to the level of 80.44, which would be a strengthening of bullish trend. For now, we recommend caution when placing orders within this range. The MACD indicator is in negative territory.
H1 chart: The USDX made a bearish rebound at the resistance level of 80.15 and now the USDX is maintained above the 200 SMA and the support level of 79.88. If the USDX makes a breakout at that level, it would be expected to fall to the level of 79.64. On the other hand, the USDX can make a breakout at the level of 80.15. The MACD indicator is entering negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.35, take profit is at 80.59, and stop loss is at 80.10.
The material has been provided by InstaForex Company - www.instaforex.com
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