Daily chart: The USDX has made a pullback near the level of 84.80, so this instrument could strengthen above the support level of 84.29 at the end of this week. Now, if the USDX does a pullback at current levels, it's expected to fall to the level of 83.74. The MACD indicator remains in negative territory.
H4 chart: The USDX is trying to consolidate below the bearish trend line at the level of 84.47. Now, the next objective for the USDX would be the 84.00 level. If the USDX does a breakout at that level, it would be expected to fall to the level of 83.05, where the 200-day moving average is. The MACD indicator is entering negative territory.
H1 chart: The USDX has found strong resistance at the level of 84.81, so the USDX is trying to form a lower low pattern below the resistance level of 84.37. If the USDX manages to make a breakout at the support level of 84.18, the next target would be the level of 84.03 in the short term. The MACD indicator is entering oversold zone.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 84.18, take profit is at 84.03, and stop loss is at 84.33.
The material has been provided by InstaForex Company - www.instaforex.com
