Daily chart: The USDX made a bullish rebound at the moving average of 200, and now it is very likely that it will rise to the 200-day moving average again. If the USDX manages to break that level, it is expected to rise to the level of 81.50. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the level of 80.62. The MACD indicator is in extremely overbought zone and entering neutral territory.
H4 chart: The USDX manages to break the resistance at the 80.94 level after having completed a bullish rebound at the 200-day moving average and now, the USDX is consolidating above that level. It is likely that the USDX will go to the resistance level of 81.48 in the medium term. However, it is expected to begin to form a lower high pattern. Furthermore, if the USDX breaks the support level of 80.94, it is expected to drop to the level of 80.87. The MACD indicator is in positive territory.
H1 chart: The USDX is forming a lower high pattern above the support level of 80.93 and above the SMA 200. If the USDX manages to break the resistance at the 81.09 level, it is expected to rise to the level of 81.40. Furthermore, if the USDX breaks the support level of 80.93, it is expected to drop to the level of 80.73. The MACD indicator is entering extremely overbought zone and continue to stay in positive 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 81.09, take profit is at 81.40, and stop loss is at 80.78.
