FX.co ★ USDX: Daily analysis for November 13, 2013

Daily chart: The USDX is conducting corrective moves below the 200-day moving average, which could be prolonged to fall at the support level of 80.62. If the USDX manages to break the resistance level at 81.50, it would be expected to rise to the resistance level in 82.51. On the other hand, USDX may continue performing slow movements for the rest of the week. The MACD indicator is entering extremely overbought area.

H4 chart: The USDX has not been consolidated over the bullish trend line near the 81.70 level. For now, the USDX is kept moving at a low range, near the support at 80.94 level. It is very likely that the USDX attempts to climb to the level of 81.65, which is located by the bullish trend line resistance on the USDX. The MACD indicator remains in negative territory.

H1 chart: The USDX tried again to break the resistance level at 81.40, but was unsuccessful. Now the USDX is trying to consolidate below the level of 81.09. If successful, it is expected to fall to support at the 80.93 level. On the other hand, if the USDX makes a bullish rebound at current levels, it would be expected to rise to the level of 81.40. The MACD indicator remains in negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 81.40, take profit is at 81.58, and stop loss is at 81.21.