FX.co ★ Daily analysis of USDX for May 16, 2014

Daily chart: The USDX remains below the 200 SMA, where the USDX is trying to form a bullish pattern to continue rising. If the USDX does make a breakout on the resistance level of 80.11, next target would be the level of 80.62. For now, the USDX remains strong in the bullish bias. The MACD indicator is in positive territory.

H4 chart: The USDX is trying to get consolidated below the resistance level of 80.09, since the USDX found resistance above the level of 80.15. For now, when placing orders within the low range, caution is recommended as the USDX could perform bearish movements at any time. The MACD indicator is in negative territory.

H1 chart: The USDX made a retreat after finding resistance near to the 80.35 level. Now, the USDX is trying to consolidate below the resistance level of 80.15. However, if the USDX manages to consolidate above this level, it would be expected to rise again to the level of 80.35. The MACD indicator is in neutral 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 79.95.