Daily chart: The USDX made a bullish rebound above the support level of 80.11, so the USDX is trying to consolidate above the 80.35 level. If the USDX does make a breakout at that level, it would be expected to rise to the resistance level of 80.62. These movements may be a change in the trend, since the USDX has formed a fractal below the support level of 80.11. The MACD indicator is entering positive territory.
H4 chart: The USDX has consolidated above the support level of 80.15 and now the USDX has found resistance at the 200-day moving average, which is also the 200 SMA. Now, the USDX is forming a lower high pattern below the resistance level of 80.44. If the USDX manages to consolidate above this level, it would be expected to rise to the level of 81.00. The MACD indicator is in positive territory.
H1 chart: As in the H4 chart, the USDX is forming a bullish pattern above the support level of 80.35 and the 200-day moving average. It is very likely that the USDX will rise to the resistance level of 80.59. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.73. The MACD indicator is in the overbought zone and into neutral territory.
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 80.59, take profit is at 80.73, and stop loss is at 80.45.
