FX.co ★ Daily analysis of USDX for September 04, 2014

Daily chart: The USDX continues to form a higher high pattern above the support level of 82.51, due to that the instrument remains strong in the bullish trend above the 200-day moving average. If the USDX manages to make a pullback from the current levels, it is expected to fall again to the support level of 82.51. The MACD indicator is maintained in the neutral territory.

H4 chart: The USDX is maintained above the 200-day moving average, although the USDX is trying to stay above the bullish trend line, even though that area has prevented this instrument from further rise. The MACD indicator remains in the negative territory.

H1 chart: The USDX has found support at the 82.85 level, since the USDX performed a pullback near the level of 83.05. If the USDX manages to make a breakout at the support level, the next target would be the level of 82.67, where the 200-day moving average is located. The MACD indicator remains in the negative 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 82.85, take profit is at 82.97, and stop loss is at 82.72.