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Daily chart: The USDX was able to break very strong resistance at the 81.50 level and now this is consolidating above the 200 day moving average. It is likely that the start USDX form a lower high pattern to continue up to the next resistance level at 82.51. However, we must be very careful with the USDX, because the latter are bullish movements through the global uncertainty regarding the situation in Syria. The MACD indicator is in positive territory, which would support a bullish outlook on the USDX.
H4 chart: The USDX is forming a lower high pattern, above the resistance level in 81.94. It is very likely that the USDX achieved up to resistance at the 82.49 level, but we must bear in mind that the USDX is too overbought, so this could fall back to support at 81.72 level, which houses the 200 SMA. If the USDX manages to break this support, it is expected to fall to the level of 81.33. The MACD indicator is positive and in extreme overbought territory.
H1 chart: The USDX has consolidated above the 200 day moving average and the Point of Control (POC) near the 81.58 level. Now, the USDX is trying to break the resistance at the 82.02 level and if it succeeds, would be expected to rise to the level of 82.32. Furthermore, if the USDX achieves in breaking the support level at 81.80, it’s expected to drop to the level of 81.58. The bullish trend is very strong in the USDX and the best thing would be to follow the current trend. The MACD indicator remains in negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 82.02, take profit is at 82.32, and stop loss is at 81.71.
Source: www.instaforex.com
