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24.07.201402:42 Forex Analysis & Reviews: Daily analysis of USDX for July 24, 2014

Long-term review

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Daily chart: The USDX is trying to form a lower high pattern above the support level of 80.62, where the USDX is likely to start making more widespread corrective movements to make a real consolidation above the 200 SMA for now. The bullish outlook remains alive in the USDX. The MACD indicator is in positive territory.

H4 chart: The USDX remains strong in the bullish trend, the next target is the resistance level of 81.02. If the USDX does make a consolidation above that level, it's expected to rise to where the bullish trend line is, near the 81.40 level. However, caution is advised when placing buy orders at current levels. The MACD indicator is in neutral territory.

H1 chart: The USDX has again found support at 80.73 level and there, the USDX made a bullish rebound, so it is likely that in the coming hours, the USDX could go up to 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 neutral 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 support level is at 80.93, take profit is at 81.09, and stop loss is at 80.78.

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