14.08.201401:57 Forex Analysis & Reviews: Daily analysis of USDX for August 14, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Daily chart: The USDX is conducting a breakout on the resistance level of 81.50. Now, it is likely that the USDX will start climbing towards the 82.00 level, where this instrument could begin to form a bullish pattern. You should wait for a breakout at that level to continue placing buy orders on the USDX.

H4 chart: The USDX is trying to make a breakout at the level of 81.72, so it is very likely that the USDX will attempt to climb to the level of 82.25 in the medium term. However, this instrument could make a pullback at current levels and fall back to the support level of 81.28. The MACD indicator is in neutral territory.

H1 chart: The USDX has made a rebound on the 200-day moving average, so far, the USDX is trying to consolidate above the support level of 81.57. If the USDX does make a breakout at the 81.73 level, it is expected to rise to the resistance level of 82.02. The MACD indicator is in positive 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 81.73, take profit is at 82.02, and stop loss is at 81.45.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.