31.03.201404:00 Forex Analysis & Reviews: Daily analysis of USDX for March 31, 2014

Daily chart: USDX is forming a bullish pattern above the support level of 80.11, so it is very likely that the USDX will attempt to climb to the resistance level of 80.62 during this week. On the other hand, if the USDX does form a fractal at the current levels and takes a bearish rebound, it's expected to fall to a support level of 79.19. The MACD indicator is in positive territory.

H4 chart: The USDX still alive in the current bullish bias since the USDX remains above the 200 SMA. If the USDX does make a bearish breakout at the trend line, it is expected to rise to the resistance level of 80.35, which would be a bullish consolidation. The MACD indicator is entering neutral territory.

H1 chart: Above 200 SMA, the USDX has formed two fractals that could prevent a future bullish momentum. However, if the USDX manages to consolidate above the resistance level of 80.35, it's expected to rise to the level of 80.59. On the other hand, if the USDX does make a breakout in the support level of 80.15, it's expected to fall to the level of 79.88. The MACD indicator is in neutral 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 80.35, take profit is at 80.59, and stop loss is at 80.11.