Daily chart: The USDX has not made significant changes in the daily chart and is still forming a higher low pattern. Apparently, the bearish trend could recobar force because the USDX formed some days a fractal above resistance at the 80.62 level, which could curb future increases in the USDX. However, it is likely that the USDX will make a bullish rebound at current levels again and move up to resistance at the 80.62 level. The MACD indicator is in extreme oversold zone and entering neutral territory.
H4 chart: The USDX could be strengthening the current bearish trend, but we are waiting for clearer confirmation of this with the formation of a bearish pattern as the higher low pattern. Recall that if the USDX manages to break the support at the 80.06 level, the fall could be extended to the level of 79.00. On the other hand, if the USDX manages to break the resistance at 80.50, it would be expected to rise to the level of 80.85. The MACD indicator remains in positive territory.
H1 chart: The USDX made strong bullish rebound at the support level of 79.88 and quickly broke the resistance at the level of 80.15. It is very likely that the USDX rises to the resistance level at 80.35 and if it can break it, it is expected to rise to the level of 80.59. Furthermore, if the USDX achieves in breaking the support level of 80.15, it is expected to drop to the level of 79.88. The MACD indicator remains in positive territory and entering extremely overbought zone.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks a bearish candlestick; the support level is at 80.15, take profit is at 79.88, and stop loss is at 80.42.
