15.05.201405:29 Forex Analysis & Reviews: Daily analysis of USDX for May 15, 2014

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Daily chart: The USDX has found resistance at the 80.11 level and in that area, the USDX has formed a fractal. The USDX could fall to the level of 79.85, where the USDX could perform a bullish rebound. However, if the USDX does make a breakout at the support level of 79.65, it's expected to fall to the level of 79.19. The MACD indicator is in positive territory.

H4 chart: The USDX is trying to stay above the 200 SMA with the formation of a bullish pattern. If the USDX does make a breakout on the resistance level of 80.15, it would be expected to rise to the level of 80.35, which would be a bullish consolidation. The MACD indicator is in negative territory .

H1 chart: The USDX continues moving in a low range above the support level of 79.88, so the USDX has high chances of staying in sideways movement for the rest of the week. However, if the USDX does make a breakout on the resistance level of 80.15, it's expected to rise to the level of 80.35. The MACD indicator is in negative 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 80.15, take profit is at 80.35, and stop loss is at 79.95.

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