17.09.201308:25 Forex Analysis & Reviews: USDX: Daily analysis for September 17, 2013

Daily chart: The USDX has made a successful bullish rebound at the bullish trendline, and now, it is very likely that the USDX rises to the resistance at the 81.50 level to fill the gap left when opening this week. For now, it is highly recommended to follow with buy orders and not short orders at the moment, because the USDX has shown intentions to fill this gap as quickly as possible. If the USDX manages to break the resistance at the 81.50 level, it is expected to rise to the level of 81.75, where the 200-day moving average is situated. The MACD indicator is in negative territory.

H4 chart: The USDX bounced off the support level at 80.94 and now, the USDX is trying to break the resistance at the 81.33 level. If the USDX manages to break that level, it is expected to rise to the level of 81.72. On the other hand, the USDX could conduct a bearish rebound at the current levels and if it succeeds, it will be expected to fall to the level of 80.94. The MACD indicator is extremely oversold and entering positive territory. The USDX remains below the 200-day moving average.

H1 chart: The USDX continues to try to fill the gap left when opening this week, and it is very likely that during today's session, the USDX rises to the resistance at the 81.40 level. If the USDX manages to break that level, it is expected to rise to the level of 81.58, very close to the 200-day moving average. On the other hand, if the USDX makes a bearish rebound at the current levels, it wiil be expected to fall to the level of 81.09. The MACD indicator is entering extremely overbought zone and is still in positive 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 81.09, take profit is at 80.93, and stop loss is at 81.25.