Daily chart: The USDX remains below the resistance level of 80.62. Note that the USDX formed a fractal above that level, which could be an indication that the USDX wants to continue the overall bearish trend. If the USDX makes a bearish rebound at current levels, would be expected to fall to the level of 80.11. The MACD indicator is still in positive territory.
H4 chart: The USDX has consolidated above the 200 SMA, and found that this dynamic support on that level and support level at 80.49. If the USDX breaks the resistance level of 80.65, it is expected to rise to the level of 80.75. On the other hand, if the USDX manages to break the bearish trend line near the 80.45 level, would be expected to fall to the level of 80.15, which is located another bearish trend line. The MACD indicator is still in negative territory.
H1 chart: The USDX remains below the resistance level of 80.59. If the USDX manages to break that level, it is expected to rise to the level of 80.73, which would be significant consolidation in the current bullish trend. Furthermore, the USDX has formed a fractal near that resistance level, so we must be alert to any bearish rebound under that level. The MACD indicator is in extreme overbought zone and entering negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 80.59, take profit is at 80.73, and stop loss is at 80.45.
