On the H4 chart, the USDX has made a breakout in the bullish trend line located at the level of 87.70. This instrument is likely to touch the support level of 87.35. For now, caution is recommended when placing buy orders in the USDX, as the MACD indicator remains in the negative territory.
H4chart's resistance levels: 87.93 / 88.19
H4chart's support levels: 87.35 / 87.18
In the H1 chart, the USDX is forming a lower low pattern above the support level of 87.58. The USDX has consolidated below the 200-day moving average which could start a bearish trend in the medium and long term. If the USDX takes a breakout at the support level, it would be expected to fall to the level of 87.28.
H1 chart's resistance levels: 87.86 / 88.15
H1 chart's support levels: 87.58 / 87.28
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 87.86, take profit is at 88.15, and stop loss is at 87.59.
The material has been provided by InstaForex Company - www.instaforex.com
