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Daily chart: The USDX remains strong on a bullish trend, because this is consolidating above the 200 day moving average and the latter have been bullish candlesticks. It is likely that during this week, the USDX achieved up to resistance at the 82.51 level. Recall that this level is very strong and could slow the USDX bullish trend. However, if the USDX makes a bearish rebound at current levels would be expected to drop to the 200 day moving average near the 81.75 level. The MACD indicator remains in positive territory.
H4 chart: The USDX continues to consolidate above support at 81.94 level. It is very likely that the USDX rises to the level of resistance in the 82.49, because the technical indicators have favored current USDX bullish trend. However, if the USDX achieves in break the support level of 81.94 are expected to drop to the level of 81.72. For now, the USDX remains very strong in the current bullish trend and it still shows no signs of a possible turnaround. The MACD indicator is in neutral terrritory and extremely overbought.
H1 chart: The USDX is trying to break the resistance at the 82.32 level. If successful, it is expected to rise to the level of 82.50. On the other hand, there is still the possibility that the USDX conduct a bearish rebound at current levels, because there is a Point of Control (POC) very close to current levels, which could act as a strong resistance in this pair. However, if the USDX achieves in get consolidated in the current bullish trend, it is expected that the POC act as a strong support for the USDX. The MACD indicator continues terrritory neutral.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 82.32, take profit is at 82.50, and stop loss is at 82.15.
Source: www.instaforex.com
