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18.06.201403:17 Forex Analysis & Reviews: Daily analysis of USDX for June 18, 2014

Long-term review

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Daily chart: The USDX has made a bullish rebound at the 200-day moving average, so the USDX remains below the resistance level of 80.62. If the USDX manages to consolidate above this level, it would be expected to rise to the level of 81.05, which is close to the current level of the USDX resistance level. The MACD indicator is in negative territory.

H4 chart: The USDX made a bullish rebound near the support level of 80.34 and now the USDX is trying to form a bullish pattern above the 80.60 level. If the USDX does make a breakout on the resistance level of 80.85, it's expected to rise to the level of 81.02. The MACD indicator is in positive territory.

H1 chart: The USDX has established back above the 200-day moving average and now the USDX is trying to form a bullish pattern above the support level of 80.73. If the USDX does make a breakout on the resistance level of 80.73, it's expected to rise to the level of 80.93. 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 80.59, take profit is at 80.35, and stop loss is at 80.83.

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