Weekly chart: The USDX has found resistance at the 81.26 level. Near that level, the USDX formed a fractal, which could indicate a turnaround in the medium and long term. It is likely that during the month of December the USDX will fall to the support level of 80.04, but now it is at a dynamic support at the 200 day moving average near the level of 80.60, so it is likely the USDX will make a bullish rebound at current levels, so look up to resistance level of 81.26. The MACD indicator is entering neutral territory.
Daily chart: The USDX continues slowly falling below the 200 SMA and is trying to make a breakout of the support level of 80.62. If the USDX manages to break that level, it would be expected to fall to the level of 80.11. On the other hand, if the USDX makes a bullish rebound at current levels, it is expected to rise to 200 SMA. For now, we recommend caution when placing sell orders in the long term for the USDX.
H1 chart: Our sell order has been activated a few days ago and USDX still has not touched the stop loss fixed. However, remember that the USDX made a false breakout in the 80.59 support level and is now consolidating above 80.59 level. However, if the USDX manages to break the resistance at the 80.73 level, it is expected to rise to the level of 80.93 implying a bullish consolidation above the 200 SMA. The MACD indicator is still in positive 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 80.59, take profit is at 80.35, and stop loss is at 80.82.
