Daily chart: The USDX is trying to carry out a pullback on the resistance level of 82.51, due to that the USDX is overbought in this chart. So this instrument could begin to perform corrective movements. If the USDX manages to make a breakout at the support level of 81.50, it's expected to fall to the 200-day moving average. The MACD indicator stays in positive territory.
H4 chart: The USDX has formed a fractal near to the 82.60 level, so the USDX could fall up to the support offered by the bullish trend line near to the level of 82.00. The USDX stays above the 200-day moving average and the MACD indicator moving average in positive territory.
H1 chart: The USDX is trying to again form a bullish pattern below the resistance level of 82.50. If the USDX manages to make a breakout at that level, the next objective would be the level of 82.67, thereby strengthening the intraday trend bullish. The MACD indicator is in 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
