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Daily chart: The USDX found strong resistance at the 82.51 level and now, the USDX has fallen to the level of 82.12. This could mean the formation of a lower high pattern, but if the USDX does fall to support at the 81.50 level, that could be an indication of a trend change. However, if the USDX managed to break the resistance level of 82.51, would be expected to rise to the level of 83.22. For now, the bullish outlook on the USDX is still alive, while it remains above the 200 day moving average. The MACD indicator continues in positive territory.
H4 chart: The USDX was falling from the resistance at the 82.49 level and now this is trying to approach the support level at 81.94, which is very close to the 200 day moving average. If the USDX manages to break that level, it is expected to fall to the level of 81.72. On the other hand, if the USDX managed to break the resistance at the 82.49 level, would be expected to rise to the level of 83.19 in the medium term. The MACD indicator is in negative territory this could strengthen the current USDX trend bearish, but we must have preaución, because eventually the USDX could make a bullish rebound on the 200 day moving average.
H1 chart: The USDX is forming a higher low pattern above the 200 day moving average and support at the level of 200, having fallen deeply from the level of 82.60. If the USDX manages to break the support at the 82.02 level, it is expected to fall to the level of 81.80. On the other hand, it is very likely that the USDX conduct a bullish rebound on the moving average of 200 and go up to the resistance level of 82.32. If the USDX manages to break that level, it is expected to rise to the level of 82.50. The MACD indicator is approaching extreme oversold levels and showing a lot of weakness in the current bearish trend, so we must be cautious.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks a bearish candlestick; the support level is at 82.02, take profit is at 81.80, and stop loss is at 82.24.
Source: www.instaforex.com
