Daily chart: The USDX is in a very strong bearish trend in this chart. Now, the USDX is trying to break the support at the 81.50 level and if it succeeds, it would be expected to fall to the level of 80.62. On the other hand, the 200-day moving average is very close to the current price of USDX, so the USDX could make a bullish rebound at current levels, but to form a higher low pattern and further strengthen the current trend bearish. The MACD indicator is in negative territory and showing some signs of weakness in the current trend.
H4 chart: The USDX is consolidating below the resistance level at 81.72 and below the SMA 200. It is quite possible that during today's session, the USDX to fall to support at 81.33 level. If the USDX manages to break that level, it is expected to fall to the level of 80.94. On the other hand, if the USDX again manages to break the resistance at 81.72 level, it would be expected to rise to the level of 82.15. The MACD indicator remains in negative territory, although this may change eventually into neutral territory, so we must be cautious.
H1 chart: The USDX is in a low range between 81.80 and 81.58 levels. If the USDX manages to break the resistance at the 81.80 level, it is expected to rise to the level of 82.02. Furthermore, if the USDX achieves in breaking the support level of 81.58, it is expected to drop to the level of 81.40. However, the USDX remains below the 200-day moving average, so the bearish outlook remains very much alive and very strong, but the MACD indicator is in positive territory and still no signs of extreme overbought on the USDX.
Fundamental outlook: For the today's session the Pending Home Sales (Previous: 6.7% / Forecast: -1.1%) will be published at 14:00 GMT in the United States.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index pair breaks with a bearish candlestick, the support level is at 81.58, take profit is at 81.40, and stop loss is at 81.77.
