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22.04.201403:50 Forex Analysis & Reviews: Daily analysis of USDX for April 22, 2014

Long-term review

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Daily chart: The USDX has had a bullish momentum during the yesterday's session, so it is very likely that the USDX will rise to the resistance level of 80.11. If the USDX manages to consolidate above this level, it would be expected to rise to 200 SMA. For now, we should wait for a breakout at that level to continue placing buy orders. The MACD indicator is in positive territory.

H4 chart: The USDX is trying to consolidate above the 79.93 level and SMA 200. Now, it is very likely that the USDX will start forming a bullish pattern to continue rising. However, if the USDX achieves consolidation below the level of 79.93, it's expected to fall to the level of 79.35. The MACD indicator is in positive territory.

H1 chart: The USDX has made a bullish rebound above the 200 SMA and now the USDX consolidates above the support level of 79.88 with the formation of a bullish pattern. If the USDX manages to consolidate above the 80.00 level, it is expected to rise to the level of 80.15. The MACD indicator is entering 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 80.15, take profit is at 80.35, and stop loss is at 79.95.

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