16.09.201403:15 Forex Analysis & Reviews: Daily analysis of USDX for September 16, 2014

Long-term review

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Daily chart: USDX continues moving in the range below the resistance level of 84.29, because this instrument is overbought in this chart. Now, the USDX could begin to perform deeper corrective movements. If the USDX manages to make a breakout at the 83.74 level, it would be expected to fall to the support level of 83.22. The MACD indicator is entering overbought area.

H4 chart: The USDX continues to find support on the bullish trend line which is located at the level of 84.20, so it is very likely that the USDX will attempt to break out at the resistance level of 84.47 to rise up to the level of 85.06. For now, the USDX remains above the 200 SMA. The MACD indicator is in negative territory.

H1 chart: The USDX is trying to make a rebound on the support level of 84.18 to climb to the resistance level of 84.37. If the USDX manages to make a breakout at that level, the next target would be the resistance level of 84.60. The MACD indicator remains 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 84.18, take profit is at 84.37, and stop loss is at 83.99.

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