21.04.201402:33 Forex Analysis & Reviews: Daily analysis of USDX for April 21, 2014

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Daily chart: The USDX sideways movements continue, below the resistance level of 80.11, so that the bearish outlook remains intact in the USDX. However, keep in mind that the USDX could be performing a corrective movement for bearish bias. If the USDX makes a bearish rebound at current levels, it would be expected to fall to a support level of 79.19. The MACD indicator is moving into positive territory.

H4 chart: The USDX remains below the 200-day moving average, so it is very likely that the USDX continue making bearish movements. For now, we would have to wait for a breakout on the resistance level of 79.93, so the USDX can rise to the level of 80.09. The MACD indicator is moving into positive territory.

H1 chart: The USDX is trying to make a breakout on the resistance level of 79.88. For now, we would have to wait for the breakout occurs to keep putting buy orders on the USDX. On the other hand, if the USDX makes a breakout in the support level of 79.64, it's expected to fall to the level of 79.39. The MACD indicator is in negative territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 79.64, take profit is at 79.39, and stop loss is at 79.90.

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