Daily chart: The USDX has made a bullish rebound above the 200-day moving average, which could prompt a change in the trend. If the USDX manages to break the resistance at 82.51 level, it would be expected to rise to the level of 83.22. Furthermore, the USDX could be forming a higher low pattern and it is quite possible that the USDX can fall to the support level of 81.50. If the USDX manages to break that level, it is expected to fall to the level of 80.62. The MACD indicator remains in negative territory and still there are no signs of oversold, although there are some signs of weakness in the current trend.
H4 chart: The USDX remains above support at 82.15 level and below the 200-day moving average. If the USDX manages to break that level, it is expected to fall to the level of 81.72. On the other hand, we must bear in mind that if the USDX manages to break the resistance at the 82.35 level, it is expected to rise to the level of 83.17. The outlook for the USDX is still bearish, however, it does not rule out a possible change in trend. The MACD indicator remains in positive territory, although showing much weakness in that small current bullish trend. We recommend caution with USDX, placing orders against the general trend.
H1 chart: The USDX tried to break the resistance at the 82.32 level, but to no avail and this made a bearish rebound at that level. It is very likely that the USDX to fall to the strong support at the 82.02 level, but if it manages to break the resistance at the 82.32 level, it is expected to rise to the level of 82.50, very close to the 200-day moving average. If the USDX manages to break the support at the 82.02 level, it is expected to fall to the level of 81.80. The MACD indicator is in extreme overbought and showing a lot of weakness in the bullish intraday trend, which could strengthen our bearish outlook for the USDX.
Fundamental Outlook: For today's session the Core Durable Goods Orders (Previous: 0.5% / Forecast: 0.5%) and the Unemployment Claims (Previous: 334K / Forecast: 339K) will be published at 12:30 GMT in the United States.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index with a bearish candlestick pair breaks, the support level is at 82.02, take profit is at 81.80, and stop loss is at 82.24.
