FX.co ★ Daily analysis of USDX for June 03, 2014

Daily chart: The USDX has had a bullish momentum above the 200 SMA. If the USDX makes a breakout on the resistance level of 80.62, it's expected to rise to the level of 81.50, which would be a strong bullish consolidation in the long term. The MACD indicator is entering overbought area.

H4 chart: The USDX has formed a fractal above the resistance level of 80.60. However, if the USDX manages to consolidate above this level, it would be expected to rise to the level of 81.70, where is located the bullish trend line. However, the bullish outlook remains alive in the USDX. The MACD indicator is in positive territory.

H1 chart: The USDX is trying to form a lower high pattern above the support level of 80.59. If the USDX does make a breakout on the resistance level of 80.73, it's expected to rise to the level of 80.93. On the other hand, if the USDX makes a pullback at current levels, it's expected to drop to the 200 SMA. MACD indicator is in the overbought zone.

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 80.73, take profit is at 80.93, and stop loss is at 80.53.