Daily chart: The USDX performed bearish movements in the early half of the week, as the pair fell back to the support level of 80.11. If the USDX manages to consolidate below this level, it is expected to prolong the bearish bias for several weeks and the USDX to fall to the support level of 79.19 in the long term. On the other hand, if the USDX makes a bullish rebound above the 80.11 level, it is seen to rise to the resistance level of 80.62. The MACD indicator is in negative territory.
H4 chart: The USDX has consolidated above the 80.15 level, so the bullish bias remains stable. However, if the USDX does make a breakout at the level of 80.09, it's expected to fall to the level of 79.81. For now, the USDX has made slow movements in this chart, so it is advisable to wait for the formation of a bullish or bearish pattern. The MACD indicator is in negative territory.
H1 chart: The USDX found resistance at the 80.35 level, where the 200-day moving average is located. If the USDX manages to break the support level of 80.15, it's expected to fall to the level of 79.88, which would be a strong bearish consolidation in this chart. On the other hand, if the USDX does make a breakout at the level of 80.35, it's expected to rise to the level of 80.59. The MACD indicator remains in neutral territory, which is a warning that the USDX has no definite intraday trend.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 80.15, take profit is at 79.88, and stop loss is at 80.42.
