Daily chart: The USDX is breaking the support level at 80.11, so it is very likely that the USDX has extended its fall for the rest of the year to the support level of 79.19. However, we expect to see some patterns to begin to proceed the falls and relieve oversold bearish. On the other hand, if the USDX makes a bullish rebound at current levels, it is expected to rise to the level of 80.62. The MACD indicator is still in negative territory.
H4 chart: The USDX found resistance at the 80.49 level and quickly fell to support at the 80.06 level, where it is currently conducting a breakout. If the USDX finishes this breakout, it would be expected to fall to the level of 79.63. On the other hand, the USDX is expected to start forming a higher low pattern. The MACD indicator is entering extremely oversold zone and continues into negative territory.
H1 chart: The USDX is finishing forming a higher low pattern below the 80.15 level, so it is very likely to fall to the level of 79.88 in the coming hours. The USDX has weakened in the last hours and has been consolidated below the 200 SMA . If the USDX manages to break the support level of 79.88, it is expected to fall to the level of 79.64. On the other hand, if the USDX makes a bullish rebound at current levels, it is expected to rise to the level of 80.35. 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 79.88, take profit is at 79.64, and stop loss is at 80.12.
