The USDX conducted a small rebound at the support level of 85.18, where this instrument is trying to form a lower low pattern to fall to the support level of 84.29. However, the USDX could head back on the bullish road because it could rise to the resistance level of 86.20.
H4chart's resistance levels: 86.10 – 86.75
H4chart's support levels: 85.06 – 84.52
On the H1 chart, the USDX formed a fractal in the 200 SMA and now the USDX is forming a bullish pattern to try to climb up to the resistance level of 85.73. On the other hand, we could be talking about a continuation of the bearish trend in the medium term, because the USDX is consolidating below the 200 SMA. MACD indicator remains in positive territory
H1 chart's resistance levels: 85.73– 85.95
H1 chart's support levels: 85.49 – 85.27
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 85.49, take profit is at 85.27, and stop loss is at 85.73.
