Daily chart: The USDX continues to fall below the 200-day moving average, and now this is prepared to break the support at the 80.62 level. If successful, it is expected to fall to the level of 80.11, which would strengthen the current bearish trend in the USDX. On the other hand, the USDX is likely to start form a higher low pattern, which would be normal, because the USDX has had a fall lateralized in recent days. The MACD indicator is in extreme overbought zone and entering negative territory.
H4 chart: The USDX fell to the 200-day moving average and now, the USDX is trying to make a bullish rebound from that level to rise again and try to break the resistance levels on the way. However, if the USDX manages to break the support at the 80.50 level, it is expected to fall to the level of 80.80 below the 200-day moving average and which would strengthen our bearish outlook. The MACD indicator remains in negative territory.
H1 chart: The USDX was consolidated below the 200-day moving average and below resistance at the 80.73 level. If the USDX achieves in breaking the support at the 80.59 level, it would be expected to drop to the level of 80.35. On the other hand, if the USDX manages to break the resistance at the 80.73 level, it would be expected to rise to the level of 80.93. The MACD indicator is entering extreme oversold zone and in neutral territory.
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 80.59, take profit is at 80.35, and stop loss is at 80.83.
