Daily chart: The USDX has made a successful breakout in the level of 81.50, the next objective for this instrument is the resistance level of 82.51. The USDX could now begin to form another bullish pattern to try to climb up to the resistance level. On the other hand, if the USDX manages to make a breakout at the support level of 81.50, the next objective is the level of 81.00. The MACD indicator is in neutral territory.
H4 chart: The USDX has consolidated its position above the level of 81.72, which has been a strong enough area, so the USDX could soon rise to the level of 82.50, where the bullish trend line is located. However, this instrument is expected to begin forming a bullish pattern. The MACD indicator stays in positive terittory.
H1 chart: The USDX has formed a fractal close to the resistance level of 82.02. If USDX manages to make a breakout at that level, the next target would be the resistance level of 82.32, which would be a bullish consolidation, since the USDX remains above the moving average of 200. The USDX is entering in overbought area and is in negative 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 81.58, take profit is at 81.73, and stop loss is at 81.44.
The material has been provided by InstaForex Company - www.instaforex.com
