FX.co ★ Daily analysis of USDX for April 01, 2014

Daily chart: The USDX remains below the resistance level of 80.11. However, the USDX is forming a bullish pattern at the current levels, so the USDX is trying to climb up the 200 SMA. However, if the USDX manages to consolidate below the 80.11 level, it would be expected to fall to a support level of 79.19. The MACD indicator is in positive territory.

H4 chart: The USDX has fallen to the 200-day moving average near the support level of 80.09. If the USDX manages to consolidate below this level, it would be expected to fall to the level of 79.93. On the other hand, if the USDX does make a breakout on the resistance level of 80.15, it's expected to rise to the level of 80.25, at which one bearish trend line is. The MACD indicator is in negative territory.

H1 chart: The USDX has made a bullish rebound above the 200-day moving average, after the USDX has found resistance near to the 80.30 level. However, the USDX is trying to make a breakout on the resistance level of 80.15 If successful, it is expected to rise to the level of 80.35. The MACD indicator is in positive 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 80.15, take profit is at 80.35, and stop loss is at 79.96.