Daily chart: The USDX is consolidating above the support level of 80.62, so the bullish outlook remains alive in the USDX, so it is very likely that the USDX has a bullish momentum in the coming days. However, if the USDX does make a breakout at the support level of 80.62, it's expected to drop to the 200 SMA. MACD indicator is in positive territory.
H4 chart: The USDX has found support on the bullish trend line, so the USDX still intends to climb towards the resistance level of 81.50. If the USDX manages to consolidate above this level, it would be expected to rise to the level of 81.85. The MACD indicator is entering overbought area.
H1 chart: The USDX has found resistance near to the 80.93 level, so the USDX is trying to stay above the support level of 80.73. If the USDX does make a breakout at that level, it would be expected to fall to the level of 80.59, where the 200 SMA is located. MACD is in 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 80.93, take profit is at 81.09, and stop loss is at 80.77.
The material has been provided by InstaForex Company - www.instaforex.com
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