Daily chart: The USDX continues bullish movements above the support level of 79.19, but it is still part of a corrective movement in favor of the current bearish trend. However, it is expected to rise to the level of 80.62 if the USDX makes a breakout on the resistance level of 80.11, which would jeopardize the bearish bias on the USDX. The MACD indicator is in negative territory.
H4 chart: The USDX remains below the 200 SMA and the resistance level of 79.93, where the USDX is currently forming a bullish pattern. If the USDX does make a breakout at the support level of 79.69, it is expected to fall to the level of 79.32, which would be continuation of the bearish bias. The MACD indicator is entering neutral territory.
H1 chart: The USDX has made a bearish rebound at the resistance level of 79.88, where the 200 SMA is located. If the USDX does make a breakout at the support level of 79.64, it's expected to fall to that level of 79.39. 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 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 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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