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04.08.2014 01:53 AM
Daily analysis of USDX for August 04, 2014

Daily chart: The USDX is trying to form a bullish pattern below the resistance level of 81.50. For now, it is likely that the fall extends to the support level of 81.00. However, the USDX still remains very strong in the bullish bias. The MACD indicator is trying to get into the overbought zone.


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H4 chart: The USDX has met with the resistance at the bullish trend line and now the USDX has formed a fractal near the support level of 81.20. For now, the USDX can still climb back up to the level of 81.60, where a breakout would have to climb up to the resistance level of 81.95. The MACD indicator is in negative territory.


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H1 chart: The USDX has made a bullish rebound at the support level of 81.19. The next target is the road bullish resistance level of 81.40. If the USDX does make a breakout at that level, the next target would be the resistance level of 81.58, as the USDX is trying to get away from the 200 SMA. The MACD indicator is in neutral territory.


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Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 81.40, take profit is at 81.58, and stop loss is at 81.21. 

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