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28.07.2014 01:57 AM
Daily analysis of USDX for July 28, 2014

Daily chart: The USDX is strengthening the bullish trend in this chart, as the USDX has consolidated above the support level of 80.62, leaving far behind the 200 SMA. The next goal remains the resistance level of 81.50, which could be reached this week.

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H4 chart: The USDX is trying to make a breakout on the resistance level of 81.02, with the formation of a bullish pattern and a fractal. If successful, the next target would be the resistance level of 81.40, so the USDX would consolidate strongly in the bullish bias. For now, the USDX remains above the 200 SMA.

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H1 chart: The USDX has been forming a lower high pattern above the support level of 80.93 and the 200-day moving average, which has helped to strengthen the bullish intraday trend on the USDX. If the USDX does make a breakout on the resistance level of 81.19, it's expected to rise to the level of 81.40. The MACD indicator is in the overbought zone.

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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 81.19, take profit is at 81.40, and stop loss is at 80.98.

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