As we have been expecting, USDX is currently doing a corrective move in favor of the bullish trend at the daily chart. it also formed a fractal around the resistance level at 98.08, which could be advising us about a possible sideways consolidation for a few days. Now, 200 SMA is still bullish and the MACD indicator is in positive territory.
The USDX still has support at the level of 96.90 where it could perform an intraday rebound until the resistance level at 97.60. The resistance is located around a weekly high. For now, we should expect more corrective movments, but the bullish trend is still alive and we should find some bullish patterns in a coming week to trade.
Daily chart's resistance levels: 98.08 / 98.64
Daily chart's support levels: 96.97 / 95.74
H1 chart's resistance levels: 97.16 / 97.60
H1 chart's support levels: 96.90 / 96.53
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 97.16, take profit is at 97.60, and stop loss is at 96.70.
