FX.co ★ Daily analysis of USDX for April 24, 2014

Daily chart: The USDX is trying to extend its decline below the resistance level of 80.11, which could be very possible because the USDX is falling toward the support level of 79.19. However, caution should be exercised, because the USDX could conduct a breakout at the level of 80.11. The MACD indicator is in positive territory.

H4 chart: The USDX continues to fall below the 200 SMA and now the USDX found support at the 79.70 level, where the USDX has made a bullish rebound. However, it is very likely that the USDX will rise to the resistance level of 79.93, though the USDX could drop to the 79.33 level in coming days. The MACD indicator is in negative territory.

H1 chart: The USDX is trying to do a consolidation above the 200-day moving average as the USDX had a fall below that level, where the USDX is nearly approaching the support level of 79.64. If the USDX does make a breakout at the level of 79.88, it's expected to rise to the level of 80.15. 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 79.88, take profit is at 80.15, and stop loss is at 79.61.