17.04.201406:34 Forex Analysis & Reviews: Daily analysis of USDX for April 17, 2014

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Daily chart: The USDX has made a bearish rebound near the 79.80 level and this is normal, because the USDX is making corrective movements. However, this hypothesis is void if the USDX does make a breakout on the resistance level of 80.11. If successful, it is expected to rise to the level of 80.62. The MACD indicator is in negative territory.

H4 chart: The USDX remains below the 200 SMA as the USDX has failed to make a breakout on the resistance level of 79.93. Now, the USDX is trying to make a breakout at the support level of 79.69. If successful, it is expected to fall to the level of 79.32. For now, caution should be exercised when placing buy orders as the MACD indicator is in negative territory.

H1 chart: The USDX continues to move in the range between the levels of 79.88 and 79.64. However, the USDX remains below the 200 SMA, which keeps alive the current bearish outlook. If the USDX does make a breakout at 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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