Daily chart: The USDX is trying to make a breakout on the resistance level of 80.62, while the USDX remains above the 200 SMA. For now, you should wait for a breakout at the resistance level to see more bullish. movements in the USDX. However, USDX is likely to make a pullback at current levels and fall to the support level of 80.11. The MACD indicator is in the overbought zone.
H4 chart: The USDX has made a bullish rebound above the support level of 80.35 and now the USDX is conducting a breakout on the resistance level of 80.60, which is close to a bullish trend line. If the USDX manages to consolidate above the trend line, it is expected to rise to the level of 81.20 in the medium term. The MACD indicator is in positive territory.
H1 chart: The USDX is trying to form a bullish pattern above the 200 SMA and the support level of 80.59. If the USDX does make a breakout on the resistance level of 80.73, it's expected to rise to the level of 80.93 and bullish outlook could be strengthened. The MACD indicator is in positive territory.
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 80.59, take profit is at 80.35, and stop loss is at 80.83.
