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25.07.201402:40 Forex Analysis & Reviews: Daily analysis of USDX for July 25, 2014

Long-term review

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Daily chart: The USDX continues to show strength in the current bullish trend as the USDX has strongly consolidated above the support level of 80.62. Additionally, the next objective for the USDX would be the resistance level of 81.00. If the USDX does make a breakout at that level, it would be expected to rise to the resistance level of 81.50. The MACD indicator is in positive territory.

H4 chart: The USDX remains above the support level of 80.60, so the USDX is trying to make a breakout on the resistance level of 81.02. If successful, it is expected to rise to the level of 81.40. Furthermore, if USDX is able to consolidate below the level of 80.60, it's expected to fall to the level of 80.34. The MACD indicator is in neutral territory.

H1 chart: The USDX has been moving in a range for the last few hours, so the next target remains the resistance level of 80.93. If the USDX does make a breakout at that level, the next target would be the resoistance level of 81.10. For now, the bullish trend is strong and buy orders are recommended. The MACD indicator is entering 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 resistance level is at 80.93, take profit is at 81.09, and stop loss is at 80.78.

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