Daily chart: As we had said in previous articles, the USDX was able to make a bearish rebound at the 200 SMA and now, this is trying to break the support level of 80.62. If successful, it is expected to fall to the level of 80.11, which would strengthen the bearish trend in the USDX, because this is still below the 200 SMA. The MACD indicator is in extremely overbought zone and entering negative territory.
H4 chart: The USDX made a bearish rebound from the level of 81.25 and had a steep fall inching the 200 SMA. If the USDX manages to break the support level of 80.65, it is expected to fall to the level of 80.50. On the other hand, if the USDX manages to break the resistance at the 80.75 level, it is expected to rise to the level of 80.87. The MACD indicator is still in negative territory.
H1 chart: The USDX is consolidating below the 200-day moving average, after it has found strong resistance at the 81.09 level. If the USDX manages to break the support level of 80.59, it is expected to fall to the level of 80.35. On the other hand, if the USDX manages to break the resistance at the 80.73 level, it is expected to rise to the level of 80.93, where the 200-day moving average is located.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks a bearish candlestick; the support level is at 80.59, take profit is at 80.35, and stop loss is at 80.83.
