FX.co ★ Daily analysis of USDX for April 23, 2014

Daily chart: The USDX remains below the resistance level of 80.11 and now the USDX is trying to make corrective movements in favor of the bullish trend, so we must be alert to any formation of a bullish pattern. However, it is likely that the USDX will fall to the level of 79.50. The MACD indicator is in positive territory.

H4 chart: The USDX is finding resistance at the 200-day moving average at the resistance level of 79.93. Near that level, a bearish trend line is, so we have to wait for the USDX to consolidate above this level to keep putting buy orders. The MACD indicator is in negative territory.

H1 chart: The USDX is staying strong above the 200 SMA, using the support level of 79.88. However, caution should be exercised when placing buy orders below the resistance level of 80.15, as the USDX may consolidate below the 79.88 level. 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 79.95.