Daily chart: The USDX has made a pullback at the resistance level of 82.51, so this instrument continues to form a bullish pattern with intentions of trying to fill the bullish gap. If the USDX manages to make a breakout at the 82.30 level, it would be expected to fall until the support level of 81.50. The MACD indicator is entering overbought area.
H4 chart: The USDX has found resistance again at the bullish trend line, so the USDX is trying to find support at the level of 81.40. If the USDX consolidates below that level, the next target would be the level of 81.72, which is close to the bullish trend line. The MACD indicator remains in negative territory.
H1 chart: The USDX is trying to consolidate below the resistance level of 82.50 with a higher low pattern formation. However, this instrument could perform a rebound at current levels and try to make a breakout at the resistance level of 82.50. If it succeeds, it would be expected to that rise to the level of 82.67. The MACD indicator is entering neutral 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 82.50, take profit is at 82.67, and stop loss is at 82.34.
The material has been provided by InstaForex Company - www.instaforex.com
