Daily chart: The USDX is forming a lower high pattern above the level of 80.62 and below the 200 SMA. We could assume that the USDX has made a clear turnaround movement, but bear in mind that the USDX has not yet formed a fractal. However, if the USDX manages to break the support level of 80.62, it's expected to fall to the level of 80.11. The MACD indicator is still in positive territory.
H4 chart: The USDX has managed to fill one of the gaps that had formed bullish earlier this year. Now, it is very likely that the USDX will continue to rise, but we must consider that the U.S. dollar has a tendency to weaken due to the latest economic news that has moved the U.S. market. The MACD indicator is in extreme overbought zone and negative territory.
H1 chart: The USDX managed to fall to the support level of 80.59 where did a bullish rebound. Now, the USDX is trying to break the resistance level of 80.73. If successful, it is expected to rise to the level of 80.93. Otherwise, it is expected to fall to a support level of 80.59. The MACD indicator is in extremely oversold zone and entering 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 80.73, take profit is at 80.59, and stop loss is at 80.87.
