Daily chart: The USDX is breaking the support level of 80.62, which could give way to a next target at 80.11 level. However, these current bullish movements could produce a rebound to go up to the 200 day moving average near the 81.10 level. Furthermore, the USDX has been rather weak in recent days, although it is likely that today the movements are quite slow (yesterday was Thanksgiving Day in the United States). The MACD indicator is still in positive territory .
H4 chart: The USDX is trying to get out of the range between 80.65 and 80.49 levels. For now, the odds are that the USDX is trying to break the support level of 80.49, to fall to the level of 80.09. However, we recommend not putting orders at current levels, because the USDX has a very clear trend in this chart. The MACD indicator is still in neutral territory.
H1 chart: The USDX is consolidating below the support level of 80.59, so we must be alert to the sell orders that may have been activated after this consolidation movement. The bearish target is set at the level of 80.35. However, if the USDX makes a bullish rebound at current levels, it is expected to rise to the level of 80.83. The MACD indicator is still in negative territory and is entering extreme oversold zone.
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.
