09.04.201405:08 Forex Analysis & Reviews: Daily analysis of USDX for April 09, 2014

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Daily chart: The USDX has lingered below the resistance level of 80.11, after the USDX has made a breakout at that level. Now, it is very likely that the USDX will fall to the support level of 79.19 in the medium term. However, corrective movements are expected in favor of the bearish trend this week. The MACD indicator is entering negative territory.

H4 chart: The USDX is forming a bearish pattern below resistance level of 79.93. If the USDX does make a breakout in the support level of 79.69, it's expected to fall to the level of 79.27. For now, the USDX remains below the 200 SMA, and MACD indicator is in negative territory.

H1 chart: The USDX has found resistance at the 200-day moving average and now the USDX has lingered below the resistance level of 79.88. If the USDX does make a breakout in the support level of 79.64, it's expected to fall to the level of 79.39. On the other hand, if the USDX does make a breakout on the resistance level of 79.88, it's expected to rise to the level of 80.15. The MACD indicator is in positive 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 79.91.

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