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Daily chart: The USDX remains consolidating above the SMA 200, forming a lower high pattern above this SMA 200. Last week, we said that the USDX could rise to resistance at the 82.51 level, but this would be a very difficult scenario to occur, due to the global uncertainty, for a possible U.S. military intervention in Syria, raising Crude Oil prices and lower the price of the USDX Index. We must be very careful when placing buy orders. The MACD indicator remains in positive territory.
H4 chart: The USDX is forming a lower high pattern, above the support at the 81.94 level, which could help make this up to the next resistance level of 82.49. On the other hand, we must bear in mind that if the USDX were to break the support at the 81.72 level, it is expected to fall to the level of 81.33. The odds that the USDX conduct a bearish rebound at current levels are very high, because the USDX could weaken this week. The MACD indicator is in extreme overbought and entering neutral territory, which could support a future bearish outlook on the USDX.
H1 chart: The USDX tried to climb to the resistance at the 82.32 level, but this was not possible and now, the USDX has fallen to support at the 82.02 level. If it manages to break it, it would be expected to fall to the level of 81.80. On the other hand, it’s likely that the USDX rises to the level of 82.32. For now, we recommend caution when making trading against the trend (bullish) the USDX, because this still remains above the 200 day moving average. The MACD indicator remains in negative territory.
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 82.02, take profit is at 81.80, and stop loss is at 82.23.
Source: www.instaforex.com
