Daily chart: The USDX continues moving in the range below the resistance level of 84.29, although the USDX keeps on trying to make a breakout at that level to climb to the resistance level of 85.18. However, this instrument is overbought. The MACD indicator stays in the positive territory.
H4 chart: The USDX is strengthening in the bullish trend above the psychological level of 84.00. So, the USDX is trying to make a breakout at the resistance level of 84.47 up to the level of 85.06. However, the USDX could begin to perform corrective movements. The MACD indicator remains in the negative territory.
H1 chart: The USDX has made a rebound from the level of 84.05, so the USDX is consolidating itself back above the support level of 84.18. Now, the USDX is trying to make a breakout at the resistance level of 84.37. The MACD indicator stays in the 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 84.18, take profit is at 84.37, and stop loss is at 83.99.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for September 12, 2014 . Thanks for your support.
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