Daily chart: The USDX is trying to consolidate above the resistance level of 85.18, because the next target for this instrument would be the level of 86.20. However, If the USDX makes a pullback at current levels, it would be expected to fall to the support level of 84.29 in the medium term. The MACD indicator is entering neutral territory.
H4 chart: The USDX is forming a bullish pattern above the support level of 85.06, where one bullish trend line is placed. If the USDX makes a rebound at current levels, it's expected to rise to the level of 86.55. The MACD indicator is in positive territory.
H1 chart: The USDX found strong resistance at the 85.49 level and now, this instrument is trying to drop to the support level of 85.03. However, the USDX could make a breakout again at the resistance level of 85.27 to rise to the level of 85.49. The MACD indicator remains in negative 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 85.27, take profit is at 85.49, and stop loss is at 85.03.
The material has been provided by InstaForex Company - www.instaforex.com
