02.09.201401:02 Forex Analysis & Reviews: Daily analysis of USDX for September 02, 2014

Daily chart: The USDX continues to consolidate above the level of 82.51, so the following objective continues to be the resistance level of 83.22. Now, the USDX is trying to take a bullish pattern, so the bullish trend every day is more powerful in the USDX. For now, it is likely that during the week, the USDX continue to perform movements in favour of the bullish trend.

H4 chart: The USDX has formed a fractal in the bullish trend line, so the USDX could perform again a pullback on this area to fall back to the support level of 82,40. If the USDX manages to make a breakout at that level, it would be expected to fall to the level of 81.72, where is located the 200-day moving average. The MACD indicator stays in positive territory.

H1 chart: TYhe USDX has made a rebound on the support level of 82.67, so it is very likely that the USDX adds again to the resistance level of 82.85. If the USDX manages to make a breakout at that level, the next target would be the resistance level of 82.97. For now, the USDX remains above the 200-day moving average, which strengthens the bullish outlook in this chart. The MACD indicator is in the 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 82.85, take profit is at 82.97, and stop loss is at 82.72.