28.03.201403:59 Forex Analysis & Reviews: Daily analysis of USDX for March 28, 2014

Long-term review

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Daily chart: The USDX is trying to consolidate above the 80.11 level. However, USDX remains within a low range as part of the formation of a lower high pattern. 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 remains in positive territory.

H4 chart: The USDX has formed a fractal near the resistance level of 80.15, so it is very likely that the USDX to fall back support level of 79.93. If the USDX manages to consolidate below the support level of 79.93, it's expected to fall to the level of 79.69. The MACD indicator is in neutral territory.

H1 chart: The USDX remains below the resistance level of 80.15 and above the 200-day moving average, so our bullish outlook on the USDX remains alive. If the USDX does make a breakout at the resistance level, it is expected to rise to the level of 80.35. The MACD indicator is entering negative territory.

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 79.95.

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