17.07.201403:05 Forex Analysis & Reviews: Daily analysis of USDX for July 17, 2014

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Daily chart: The USDX has consolidated above the 200-day moving average, so the USDX is trying to make a breakout on the resistance level of 80.62. If successful, it is expected to rise to the level of 81.50. For now, it is advisable to put buy orders as the USDX has been strong in the current bullish trend. The MACD indicator is in positive territory.

H4 chart: The USDX is trying to consolidate above the support level of 80.35, so it is likely to rise to the resistance level of 81.02 in the coming hours. If the USDX does make a breakout at that level, it would be expected to rise to the resistance level of 81.45. The MACD indicator is entering overbought area.

H1 chart: The USDX is trying to make a breakout at 80.59 with resistance level of forming a bullish pattern. If successful, it is expected to rise to the level of 80.73. For now, the USDX remains very strong in the bullish trend. 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 support level is at 80.59, take profit is at 80.73, and stop loss is at 80.45.

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