Hot Features
Premium
Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.
Daily chart: The USDX continues to consolidate below the 200 moving average. We must be attentive to the USDX, because this is approaching a bullish trend line nearby. If the USDX achieved in break that trend line, it’s expected to fall to support at the 80.62 level. On the other hand, if the USDX managed to break the resistance at 81.50 level, would be expected to rise to the level of 82.10. For now, the USDX not have a very clear trend, due to the low range that is currently handling. The MACD indicator is in neutral territory, demonstrating the lack of strong trend in the USDX.
H4 chart: The USDX has made a bearish rebound in resistance at the level of 81.33 and now this is falling and is very likely to reach the level of support 80.94. However, we must be alert to the formation of the higher low current pattern, which could serve as a good sign to place sell orders in the USDX, if it manages to break the support at the 80.97 level. On the other hand, if the USDX managed to break the resistance at 81.33 level, would be expected to rise to the level of 81.72. The MACD indicator is in neutral territory, but with a tendency to go into negative territory, which could further our bearish outlook for the USDX.
H1 chart: The USDX has found resistance near 81.25 level, which has formed a Point of Control (POC) that could favor a bearish outlook for the session today at the USDX. If the USDX achieves in breaking the support level at 81.09, would be expected to drop to the level of 80.93. On the other hand, if the USDX managed to break the resistance at 81.40 would be expected to rise to the level of 81.58, above the SMA 200. The MACD indicator is entering negative territory, so we must be alert to any formation of a bearish pattern.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks a bearish candlestick; the support level is at 81.09, take profit is at 80.93, and stop loss is at 81.25.
Source: www.instaforex.com
