Daily chart: The USDX has been consolidated in the bearish bias and now the USDX is forming a bearish pattern to try to make a breakout in 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. Furthermore, the possibility that the USDX makes a bullish rebound and go up to the 200-day moving average near the 81.00 level is not ruled out. The MACD indicator is in negative territory.
H4 chart: The USDX is below the 200 SMA but not far from it, because the USDX has formed a fractal near this level, so it is very likely that a bullish rebound to occur. If successful, it is expected to rise to the level of 81.19. On the other hand, if the USDX still in the weakness, it would be expected to continue to fall to the support level of 80.48. The MACD indicator is in negative territory.
H1 chart: The bearish bias could be extended in the USDX as it has found resistance at the 200-day moving average, which has led it to falling to the support level of 80.73. If the USDX manages to break that level, it would be expected to fall to the level of 80.59. On the other hand, if the USDX manages to break the resistance at the 80.93 level, it is expected to rise to the level of 81.09. The MACD indicator is entering extremely oversold zone.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.93, take profit is at 81.09, and stop loss is at 80.77.
