Daily chart: The USDX has made corrective movements during yesterday's session in an effort to decrease of overbought levels. However, it is still very likely that the USDX rises to the resistance level of 80.11. If the USDX does make a breakout at that level, it is likely would be expected to rise to the level of 80.62. The MACD indicator is in positive territory.
H4 chart: The USDX has made a bullish rebound on the trend line that is located near to the 79.75 level and now the USDX is trying to make a breakout on the resistance level of 79.93. For now, caution when placing buy orders is recommended, as these are very strong resistance levels. The MACD indicator is in positive territory.
H1 chart: The USDX remains above the support level of 79.88. For now, the USDX could perform sideways movements in favor of the bullish trend, although the USDX could conduct a breakout on the resistance level of 80.15. If successful, it is expected to rise to the level of 80.35. The MACD indicator is in neutral 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 80.15, take profit is at 80.35, and stop loss is at 79.95.
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