Daily chart: The USDX has had a bullish momentum on the support level of 84.29, due to that this instrument is trying to form a bullish pattern. If the USDX manages to make a breakout at the level of 85.18, the next goal would be the level of 86.20 in the medium term. However, the USDX could begin to perform corrective movements. This MACD indicator is entering overbought zone.
H4 chart: The USDX has formed a fractal at the support level of 84.52, so the USDX is trying to make a breakout at the resistance level of 85.06 to climb up to the level of 86.15. However, if the USDX consolidates below the level of 84.52, it's expected to fall to the level of 84.15, where the bullish trend line is. The MACD indicator is entering neutral territory.
H1 chart: The USDX has made a rebound on the support level of 84.60 and now, the USDX has formed a fractal at the resistance level of 84.81. If the USDX manages to make a breakout at that level, the next target would be the level of 85.03. The MACD indicator is moving into 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 84.81, take profit is at 85.03, and stop loss is at 84.59.
The material has been provided by InstaForex Company - www.instaforex.com
