Daily chart: The USDX had a bullish momentum above the support level of 83.74. So now the USDX is trying to make a breakout at the resistance level of 84.29. If it succeeds, it would be expected to climb up to the resistance level of 85.18, which would be a strong bullish consolidation. The MACD indicator stays in positive territory.
H4 chart: The USDX is trying to consolidate above the bullish trend line near to the level of 84.25. If the USDX succeeds in doing a breakout at the resistance level of 84.47, it's expected to rise to the level of 85.06, bearing in mind that the USDX is entering overbought area. The MACD indicator stays in positive territory.
H1 chart: The USDX is trying to form a higher high pattern above the support level of 84.18. If the USDX manages to make a breakout at the resistance level of 84.37, the next objective would be the level of 84.60. However, the USDX could carry out a pullback and fall back to the support level 84.03. The MACD indicator stays in 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 84.37, take profit is at 84.60, and stop loss is at 84.14.
The material has been provided by InstaForex Company - www.instaforex.com
