17.08.201421:06 Forex Analysis & Reviews: Daily analysis of USDX for August 18, 2014

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Daily chart: The USDX has made a pullback at the resistance level of 81.50. So, the USDX is likely to fall to the level of 81.15. If the USDX does make a breakout at that level, it would be expected to fall to the support level of 80.62, which would jeopardize the current bullish trend. The MACD indicator remains in the negative territory.

H4 chart: The USDX continues to find resistance at the 81.72 level. So, this instrument was expected to try to fall back to the support level of 81.28. If the USDX manages to make a breakout at that level, the next target would be the 200-day moving average on this chart. Furthermore, if the USDX manages to a breakout at the resistance level of 81.72, it would be expected to go up to the level of 81.45. The MACD indicator is in the negative territory.

H1 chart: The USDX found strong resistance at the level of 81.58 so far. The USDX is trying to consolidate below the 200-day moving average with the formation of a bearish pattern. If the USDX does a breakout at the support level of 81.40, it's expected to fall to the level of 81.19. The MACD indicator remains in the 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 81.58, take profit is at 81.73, and stop loss is at 81.44.

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