Daily chart: The USDX remains above the support level of 81.50, because this instrument continues forming a bullish pattern. If the USDX does a pullback at current levels, it would be expected to fall to the 200 SMA located at the support level of 80.62. However, the next objective for the USDX on the bullish trend is the resistance level of 81.95. The MACD indicator remains in negative territory.
H4 chart: The USDX continues to find support at the 81.39 level, which means that the USDX has been moving into the range for several weeks. The resistance level of 81.72 remains very strong in this chart. If the USDX does a breakout at that level, the next target would be the bullish trend line at 82.50. This MACD indicator is in positive territory.
H1 chart: The USDX is trying to stay above the 200-day moving average with the formation of a bullish pattern. If the USDX manages to make a breakout at the resistance level of 81.58, the next bullish objective will be the level of 81.73. The MACD indicator is entering overbought zone.
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 81.58, take profit is at 81.73, and stop loss is at 81.44.
The material has been provided by InstaForex Company - www.instaforex.com
