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Daily chart: In yesterday’s session, the USDX not make very significant movements for the development of a stronger trend. By contrast, current USDX movements show a market surrounded by much uncertainty, due to the current situation in Syria, so we must be very aware of the reaction of the USDX, in address to this situation. For now, it is most likely that the USDX continues to fall below the resistance at the 81.50 level. The MACD indicator is in positive territory, but this could change eventually.
H4 chart: The USDX is making a bullish rebound at the support level of 81.33. It is very likely that the USDX continue trying to break this support, to fall eventually to the support level of 80.94, but it is not inconceivable that the USDX attempt to climb back up to resistance at the 81.72 level, which houses the moving average 200. For now, the USDX remains below that SMA and the overall outlook remains bearish. The MACD indicator remains in negative territory.
H1 chart: The USDX continues trying to consolidate below resistance at 81.40 and below the SMA 200. In this chart, there is still no clear trend, in which the USDX can be moved easily. However, we must bear in mind that if the USDX managed to break the resistance at the 81.58 level, it is likely that the USDX continues a strong bullish trend in the short term. Furthermore, if the USDX achieves in breaking the support level of 81.09, it’s expected to drop to the level of 80.93.
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 80.92, and stop loss is at 81.25.
Source: www.instaforex.com
