Daily chart: The USDX remains to be defined a clear trend in the daily chart and this can be a bit dangerous for intraday or swing traders, because the USDX is completely dominated by indecision between investors. The USDX remains below the 200 SMA, but this has failed to break the support level of 80.62 to begin a bearish trend or the resistance level at 81.50 to begin a bullish trend. The MACD indicator is still in negative territory.
H4 chart: In this chart, the USDX remains above the 200 SMA and trying not to let the bullish trend weaken. However, chances are that the USDX breaks the support level of 80.75 and falling to the level of 80.65. On the other hand, we must be pending before any breakout at the level of 80.94. The MACD indicator is entering neutral territory.
H1 chart: The USDX is trying to consolidate below the 200 SMA, after this have found resistance at the level of 80.93. If the USDX manages to break the support level of 80.73 , it is expected to fall to the level of 80.59. On the other hand, if the USDX manages to break the resistance at the 80.93 level, it is expected to rise to the level of 81.09. The MACD indicator is still in negative territory.
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 80.73, take profit is at 80.59, and stop loss is at 80.87.
