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25.06.201403:20 Forex Analysis & Reviews: Daily analysis of USDX for June 25, 2014

Long-term review

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Daily chart: The USDX remains below the 200 SMA, with sideways movements and without a definite trend in this chart. For now, caution is advised when placing buy or sell orders between the 80.62 and 80.11 levels, because there is an area of high volatility. The MACD indicator is in negative territory.

H4 chart: The USDX remains within the area where the 200 SMA is located, so the USDX continues to find support at the 80.24 level. However, if the USDX does make a breakout on the resistance level of 80.34, it's expected to rise to the level of 80.60. The MACD indicator is in positive territory.

H1 chart: The USDX found resistance at the 80.35 level and now the USDX is trying to make a breakout in the support level of 80.15. For now, the bearish outlook remains alive in the USDX, because it is kept below the 200 SMA and the area point of control. The MACD indicator is entering negative 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 80.15, take profit is at 79.88, and stop loss is at 80.42.

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