Daily chart: The USDX continues forming a bullish pattern above the support level of 83.74. So, the USDX is trying to make a breakout at the resistance level of 84.29. However, if the USDX makes a breakout at the support level of 83.74, it is expected to fall to the level of 83.22. The MACD indicator stays in the positive territory.
H4 chart: The USDX has again encountered resistance at the level of 84.47. Now, the USDX is trying to make a rebound to the bullish trend line to continue strengthening the bullish trend in the medium term. However, the USDX manages to make a breakout in the trend line, it is expected to fall to the level of 83.50. The MACD indicator is in the negative territory.
H1 chart: The USDX has made a pullback at the resistance level of 84.37. Now, the USDX is trying to make a breakout at the support level of 84.18. However, the USDX could consolidate above the 84.37 level to go up to the resistance level of 84.60. The MACD indicator stays in the positive territory.
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 84.18, take profit is at 84.37, and stop loss is at 83.99.
The material has been provided by InstaForex Company - www.instaforex.com
