Daily chart: The USDX has established again below the resistance level of 80.62. USDX is likely to find support at the 200-day moving average, which is close to the 80.45 level. If the USDX does make a breakout at that level, it would be expected to fall to a support level of 80.11. The MACD indicator is in negative territory.
H4 chart: The USDX is trying to stay above the support level of 80.60, which coincides with the bullish trend line, the closest to the current level of the USDX. However, if the USDX does make a breakout at that level, it would be expected to fall to the level of 80.34. For now, the USDX remains above the 200-day moving average, so the bullish outlook remains alive. The MACD indicator is in negative territory.
H1 chart: The USDX made a bullish rebound near the 80.45 level and now the USDX is consolidating again above the support level of 80.59. If the USDX does make a breakout on the resistance level of 80.73, it's expected to rise to the level of 80.93. The MACD indicator is in the overbought zone and entering 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 80.59, take profit is at 80.35, and stop loss is at 80.83.
The material has been provided by InstaForex Company - www.instaforex.com
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