09.06.201403:30 Forex Analysis & Reviews: Daily analysis of USDX for June 09, 2014

Long-term review

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Daily chart: The USDX continues trying to make a consolidation above the 200-day moving average, but the USDX remains moving sideways in the middle of this level. It is advisable to be cautious when placing buy orders, while the USDX remains below the resistance level of 80.62. The MACD indicator is entering negative territory.

H4 chart: The USDX has found support at the 80.35 level and now it is likely that the USDX will try to break out at that level. If successful, it is expected to fall to the level of 80.15. However, if the USDX does make a bullish breakout in the trendline that is above the resistance level of 80.60, it's expected to rise to the level of 81.50 in the medium term. The MACD indicator is in negative territory.

H1 chart: The USDX continues to move sideways below the 200 SMA. For now, the USDX is concentrating its efforts on a breakout in the support level of 80.35. If sucessful, the USDX could strengthen the bearish trend and fall to the level of 80.15. The MACD indicator is entering neutral territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 80.35, take profit is at 80.15, and stop loss is at 80.54.

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