FX.co ★ Daily analysis of USDX for July 30, 2014

Daily chart: The USDX is trying to reach the resistance level of 81.50, because the USDX has had a strong bullish momentum in recent days, so the bullish bias is stronger every day. If the USDX does make a breakout at that level, it would be expected to rise to the resistance level of 82.51 in the medium term.

H4 chart: The USDX has consolidated above the support level of 81.02 and now the USDX is trying to make a bullish breakout in the trend line that is located near to the 81.50 level. If successful, it is expected to rise to the level of 81.95. On the other hand, it is likely that the USDX try to make a pullback at current levels and fall to the level of 81.02. The MACD indicator is in positive territory.

H1 chart: The USDX has made a breakout on the resistance level of 81.19, so the next target is the level of 81.40. For now, the USDX is forming a bullish pattern. If the USDX does make a breakout on the resistance level of 81.40, it's expected to rise to the level of 81.58. The 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 81.40, take profit is at 81.58, and stop loss is at 81.21.