12.03.201403:18 Forex Analysis & Reviews: Daily analysis of USDX for March 12, 2014

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Daily chart: The USDX continues to consolidate in the bearish trend, but we must be aware of any upward to the resistance level of 80.11, as the USDX is showing signs of recovery. If the USDX does make a breakout at that level, it is expected to rise to the level of 80.62. Furthermore, if the USDX consolidates below the level of 79.19, it's expected to fall to the level of 78.50. The MACD indicator is oversold.

H4 chart: The USDX is trying to make a breakout on the resistance level of 79.81. If successful, it is expected to rise to the level of 79.93. Moreover, if the USDX consolidates below the level of 79.69, it's expected to fall to the level of 79.35. The MACD indicator is in positive territory and the USDX remains below the 200 SMA.

H1 chart: The USDX found resistance at the 200-day moving average, so the USDX is trying to make a breakout at that level. If successful, it is expected to rise to the resistance level of 80.15, which would begin a bullish intraday trend. Furthermore, if the USDX consolidates below the level of 79.64, it's expected to continue to drop for some more days. The MACD indicator is in negative 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 79.88, take profit is at 80.15, and stop loss is at 79.61.

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