Daily chart: The USDX is consolidating above the support level of 82.51. It could climb up to the resistance level of 83.22 this week, but we should take into account that this instrument is overbought. If the USDX manages to make a breakout at the support level of 82.51, it would be expected to fall to the level of 81.50. The MACD indicator is in positive territory.
H4 chart: The USDX is trying to stay above the bullish trend line, which is above the level of 82.60. The next target for this instrument is the resistance level of 83.00. If the USDX manages to make a breakout at that level, it would be expected to rise to the level of 83.75. This MACD indicator entering neutral territory.
H1 chart: The USDX remains above the support level of 82.50 since it has been moving within a range for several days. You should remember that the USDX opened the week with a bullish gap which still has not been filled so far. If the USDX manages to make a breakout at the level of 82.67, it's expected to rise to the resistance level of 82.85. The MACD indicator is in positive 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 82.67, take profit is at 82.85, and stop loss is at 82.49.
The material has been provided by InstaForex Company - www.instaforex.com
