Daily chart: The USDX has found strong resistance at the 80.62 level, because near that level, the USDX formed a fractal. If the USDX manages to break that level, it is expected to rise to the level of 81.50, which houses the 200-day moving average. On the other hand, it is expected that the USDX will fall to support at 80.11 level. For now, we recommend caution with the USDX. The MACD indicator remains in positive territory.
H4 chart: Again, the USDX found strong resistance at the 80.75 level. Now, the USDX is trying to break the support at the 80.50 level, and if it succeeds, it would be expected to fall to the level of 80.06, which houses the 200-day moving average. On the other hand, if the USDX manages to break the resistance at 80.75 level, it would be expected to rise to the level of 80.87. The MACD indicator remains in negative territory.
H1 chart: The USDX is falling below the resistance at the 80.59 level and is very likely this fall extends to the support level of 80.35. If the USDX manages to break the resistance at 80.59 level, it would be expected to rise to the level of 80.73. On the other hand, if the USDX achieves in breaking the support at the level of 80.35, it is expected to drop to the level of 80.15. The MACD indicator remains in negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 80.59, take profit is at 80.73, and stop loss is at 80.45.
