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02.04.2014 03:28 AM
Daily analysis of USDX for April 02, 2014

Daily chart: The USDX continues to make slow movements without a well-defined trend, so it is very likely that the USDX remains below the resistance level of 80.11 for the rest of the week. However, if the USDX manages to consolidate above this level, it would be expected to rise to the resistance level of 80.62. The MACD indicator is in positive territory.

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H4 chart: The USDX remains above the 200 SMA. Now, the USDX is trying to make a breakout on the resistance level of 80.09. If successful, it is expected to rise to the level of 80.15. For now, it is not advisable to place orders because the USDX moves sideways. The MACD indicator is in negative territory.

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H1 chart: The USDX formed two fractals below the 200-day moving average and is now very likely that the USDX rises to the resistance level of 80.15. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.35. On the other hand, if the USDX does make a breakout in the support level of 79.88, it's expected to fall to the level of 79.64. The MACD indicator is in positive 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 80.15, take profit is at 80.35, and stop loss is at 79.96.

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