Daily chart: the USDX has consolidated in a bullish trend above the support level of 83.74. Now, this instrument is likely to start forming a bullish pattern to climb to the resistance level of 84.29. However, if the USDX makes a pullback at the current levels, it would be expected to fall back to the support level of 83.22. MACD is in positive territory
H4 chart: finally, the USDX has made a bullish breakout in the trend line located near to the 83.25 level. So, the USDX is likely to rise to the resistance level of 8447. However, if the USDX makes a pullback at the level of 84.15, it is expected to fall to the support level of 83.50. The MACD indicator remains in the positive territory.
H1 chart: the USDX is trying to form a bullish pattern above the support level of 83.73. If the USDX does a breakout from the resistance level of 84.03, the next target would be the 84.37 level. For now, the USDX remains very strong in the bullish trend. The MACD indicator is entering the overbought area.
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 82.85, take profit is at 82.97, and stop loss is at 82.72.
The material has been provided by InstaForex Company - www.instaforex.com
