01.05.201408:27 Forex Analysis & Reviews: Daily analysis of USDX for May 01, 2014

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Daily chart: The USDX has made a bearish rebound at the 79.75 level, so it is very likely that the USDX will fall to the support level of 79.19. If the USDX does make a breakout at that level, it would be expected to fall to a support level of 78.55. For now, the bearish outlook remains alive, although care must be taken when placing sell orders. The MACD indicator is in negative territory.

H4 chart: The USDX is forming a bearish pattern below the bearish trend line near the 79.60 level. It should be noted that the USDX made a bearish rebound at 200 SMA. If the USDX manages to make a breakout at the support level of 79.33, it's expected to fall to the level of 79.27. The MACD indicator is in negative territory.

H1 chart: The USDX has established below the resistance level of 79.64, after the USDX has formed a fractal on the resistance level of 79.88 and now the USDX is consolidating below the 200 SMA. If the USDX does make a breakout at the support level of 79.39, it's expected to fall to the level of 79.13. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 79.39, take profit is at 79.13, and stop loss is at 79.64.

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