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Daily chart: The USDX broke the resistance at the 82.51 level and it is very likely that during the next week, the USDX consolidates above these levels with a lower high pattern. However, we must consider the USDX could make a bearish rebound at current levels, because that level of 82.51 is very strong. The MACD indicator remains in positive territory and the USDX remains above the 200 day moving average.
H4 chart: The USDX made a slight corrective movement and dropped to support at the 82.00 level. Now, the USDX is trying to consolidate above support at 82.49 level, after having made a bullish rebound near the 200 day moving average. However, if the USDX makes a bearish rebound at current levels, would be expected to fall to the level of 81.94. The MACD indicator is in positive territory and this shows very strong bullish still on the USDX.
H1 chart: In this chart, the USDX has established itself strongly in the bullish trend, after having made a bullish rebound near the 82.15 level. During the day yesterday, the USDX broke resistance at 82.32 and 82.50 levels. Now, the USDX is trying to break the resistance at the 82.67 level with lower high pattern. If successful, it is expected to rise to the level of 82.85. Furthermore, if the USDX achieves in breaking the support level of 82.50, it’s expected to drop to the level of 82.32. The MACD indicator is in extreme overbought zone and into negative territory.
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 82.67, take profit is at 82.85, and stop loss is at 82.49.
Source: www.instaforex.com
