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03.07.201402:13 Forex Analysis & Reviews: Daily analysis of USDX for July 03, 2014

Long-term review

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Daily chart: The USDX has made a bullish rebound near the 79.70 level and now the USDX is forming a higher low pattern. If the USDX does make a breakout at the support level, it is expected to fall to a support level of 79.19. For now, the USDX remains strong in the bearish bias. The MACD indicator is in negative territory.

H4 chart: The USDX has been strengthened again over the support level of 79.93, so the USDX is trying to form a higher low pattern to continue falling. If the USDX does make a breakout at that level, it would be expected to fall to the level of 79.50, at which one bullish trend line is. The MACD indicator is in positive territory.

H1 chart: The USDX is closing in on the 200-day moving average, which is close to the resistance level of 80.15. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.35 that would begin a short term bullish bias on the USDX. The MACD indicator is in the overbought zone.

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 79.64, take profit is at 79.39, and stop loss is at 79.90.

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