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Daily chart: The USDX tried to break the resistance at 81.50, but was unsuccessful. Remember that the global uncertainty has grown around the current situation in Syria, where the USDX has reacted very irregular movements without clear trend. If the USDX fails to make a bearish rebound at current levels would be expected to fall to the level of 81.05. On the other hand, we must consider that if the U.S. government gets to intervene militarily and officially in Syria, it’s likely to see a rise in oil prices to historical prices and therefore the USDX will fall to beyond the support in 80.62 level. The MACD indicator remains in positive territory.
H4 chart: The USDX is trying to consolidate above the bearish trend line near the 81.43 level. It is likely that the USDX is forming a lower high pattern to continue to rise until the resistance level at 81.72. However, we must bear in mind that if the USDX manages to break the support at the 81.33 level, it is expected to fall to the level of 81.05. The MACD indicator remains in positive territory and the USDX remains below the 200 day moving average.
H1 chart: In yesterday’s session, the USDX was consolidated above the 200 day moving average and above the support at the 81.40 level. This could be the indication of a strong bullish trend for the next few days, however, we must remember that the USDX still has no definite trend in larger charts. If the USDX achieves in break the support level of 81.40, it’s expected to drop to the level of 81.09. The MACD indicator remains in negative and in extreme overbought 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 81.40, take profit is at 81.09, and stop loss is at 81.71.
Source: www.instaforex.com
