25.03.201403:22 Forex Analysis & Reviews: Daily analysis of USDX for March 25, 2014

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Daily chart: The USDX has found strong resistance at the 80.11 level, and now the USDX is trying to make a corrective movement towards the bullish trend. If the USDX does make a breakout at the support level of 79.50, it's expected to fall to the level of 79.19. On the other hand, if the USDX does make a breakout at the level of 80.11, it's expected to rise to 200 SMA. The MACD indicator is in positive territory.

H4 chart: The USDX remains below the 200 SMA, but it is very likely that USDX will do more falls below this level, and find resistance at the level of 80.15. However, if the USDX does make a breakout at that level, it would be expected to rise to the resistance level of 80.44. The MACD indicator is in negative territory.

H1 chart: The USDX has made a bullish rebound above the 200 SMA and the support level of 79.88. If the USDX manages to consolidate above the 80.15 level, it is expected to rise to the level of 80.35, which would strengthen the bullish bias on the USDX. On the other hand, if the USDX manages to make a consolidation below the 79.88 level, it would be expected to fall to the level of 79.64. The MACD indicator is entering oversold zone.

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 80.35, take profit is at 80.59, and stop loss is at 80.10.

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