Daily chart: The USDX is consolidating below resistance at the 80.11 level, so it is very likely to start forming a bearish pattern to continue the medium term fall to the level of 79.19. However, still we do not see fractals below this level, indicating that the USDX will continue to fall for a few more days. The MACD indicator is still in negative territory.
H4 chart: The USDX has got in the range between 80.06 and 79.63 levels. Now, it is very likely that the USDX will make a breakout at the 79.63 level and fall to the psychological level of 79.00. On the other hand, if the USDX makes a bullish rebound at the current levels and breaks the resistance level of 80.06, it is expected to rise to the level of 80.49. The MACD indicator is in neutral territory.
H1 chart: The USDX is still below the resistance level of 80.15. Furthermore, the USDX is trying to make a breakout in the level of 79.88, and it is very likely that this will fall to the level of 79.64. However, the USDX could perform a bullish rebound at the current levels and go up to the resistance level of 80.15, very close to the 200 SMA. The MACD indicator continues 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 79.88, take profit is at 79.64, and stop loss is at 80.12.
