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Daily chart: The USDX has a slight bearish rebound near the resistance level of 82.51. It is very likely that the USDX start forming a lower high pattern, to continue rising. If the USDX manages to break that level, it is expected to go up to the resistance at the 83.22 level. Furthermore, if the USDX fall were to continue, it would be expected that the USDX fall to the level of 81.75. For now, it is advisable to place orders against the trend. The MACD indicator remains in positive territory.
H4 chart: The USDX found resistance at the 82.49 level and now, this is trying to fall to the support level at 81.94. If the USDX manages to break that level, it is expected to fall to the level of 81.72. On the other hand, this slight drop could be a corrective move and the USDX could break the resistance level at 82.49 and if it succeeds, would be expected to rise to the level of 83.19. The MACD indicator remains in negative territory and the USDX remains above the 200 day moving average.
H1 chart: The USDX has fallen below the support at the 82.32 level. It is very likely that the USDX fall back to support at 82.02 level, very close to the 200 day moving average. However, the USDX could break the resistance level of 82.32 and back up to the resistance at 82.50, because this is still maintained above the moving average and the indicator 200 remains in positive MACD territory. However, the USDX could make a strong bullish rebound on the SMA 200.
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 82.32, take profit is at 82.50, and stop loss is at 82.15.
Source: www.instaforex.com
