Daily chart
The USDX is still pressured by the bears because it failed to climb to the 200 day moving average near the 81.10 level. If the USDX manages to break the support level of 80.62, it's expected to fall to the level of 80.11. However, we recommend not to place orders within the range between 81.50 and 80.62 levels, because the USDX is not defined by a clear overall trend. The MACD indicator is still in negative territory.
H4 chart
The USDX has found support on the 200 day moving average and it is very likely to rise to the resistance level of 80.75. However, if the USDX manages to consolidate below the level of 80.65, it's expected to fall to the level of 80.49, which would endanger the current bullish trend of the USDX, because this still maintains above 200 moving average. The MACD indicator is still in negative territory.
H1 chart
The USDX is consolidating below the 200 day moving average and below the resistance at 80.73 level, which helps strengthen the current bearish intraday trend. If the USDX manages to break the support level of 80.59, it's 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 80.85, near the 200 SMA. The MACD indicator is entering the neutral area.
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 80.82.
