13.03.201403:39 Forex Analysis & Reviews: Daily analysis of USDX for March 13, 2013

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Daily chart: The USDX made a bearish rebound near the 79.85 level and now it is very likely that the USDX will fall to the support level of 79.19. However, we must consider the USDX formed a fractal near the 79.35 level, which could give a lot of strength to the area to prevent future falls. For now, it is only advisable to place sell orders below that level. The MACD indicator is in negative territory.

H4 chart: The USDX remains below the support level of 79.69. However, the USDX could find support at current levels, as this area has a high concentration of bullish force. However, if the USDX consolidates below the level of 79.30, it's expected to fall to the level of 78.80. The MACD indicator is in negative territory.

H1 chart: The USDX has established a bearish pattern below the 79.64 level. If the USDX does make a breakout at the support level of 79.39, it's expected to fall to the level of 79.13. On the other hand, if the USDX does make a breakout at the resistance level of 79.64, it's expected to rise to the level of 79.88. The MACD indicator is oversold.

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 79.64, take profit is at 79.88, and stop loss is at 79.41.

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