08.04.201405:51 Forex Analysis & Reviews: Daily analysis of USDX for April 08, 2014

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Daily chart: The USDX has made a bearish rebound near to the 80.50 level and now the USDX is approaching the support level of 80.11. If the USDX manages to consolidate below this level, it would be expected to fall to a support level of 79.19. On the other hand, if the USDX makes a bullish rebound at current levels, it is expected to rise to the resistance level of 80.62. The MACD indicator is entering overbought area.

H4 chart: The USDX is falling near the 200 SMA, where there is set slightly bearish trend line. USDX is likely to make a bullish rebound in these levels and rise again to the resistance level of 80.35. However, care should be taken with a possible breakout in the support level of 80.09. The MACD indicator is in negative territory.

H1 chart: The USDX is finding support on the 200-day moving average, but it is also likely that the USDX is forming a bearish pattern. If the USDX does make a breakout in the support level of 80.15, it's expected to fall to the level of 79.88. On the other hand, if the USDX does make a breakout on the resistance level of 80.35, it's expected to rise to the level of 80.59. The MACD indicator is in 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 80.35, take profit is at 80.59, and stop loss is at 80.11.

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