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11.06.201402:58 Forex Analysis & Reviews: Daily analysis of USDX for June 11, 2014

Long-term review

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Daily chart: The USDX has made a successful breakout on the resistance level of 80.62. Now, the nearest target is the resistance level of 81.50 in the long run. This can mean a strong breakout bullish consolidation on the USDX, so it is advisable to keep putting buy orders. The MACD indicator is in positive territory.

H4 chart: The USDX has established over the bullish trend line that is located near the support level of 80.35. It is very likely that the USDX will make a pullback at current levels, but it is seen to continue to rise, at least until the resistance level of 81.50. The MACD indicator is in positive territory.

H1 chart: The USDX has made a breakout at the 80.73 level and now the USDX is trying to form a bullish pattern above that level. The USDX has strongly consolidated in bullish trend, so the next target is the resistance level of 80.93. If the USDX does make a breakout at that level, it would be expected to rise to the level of 81.09. The MACD indicator is in 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 80.93, take profit is at 81.09, and stop loss is at 80.77.

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