Trading plan for US dollar index on July 12, 2023
July 12, 2023 11:24 amVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Technical outlook:
The US dollar index slipped through the 100.90 lows intraday on Wednesday before finding some bids coming in. The index is seen to be trading close to the 101.05 level at this point in writing as the bulls prepare to come back in control soon. They are poised to push prices higher towards the 103.30-40 zone before giving in to the bears again. A break above 101.50 will confirm a bottom is in place.
The US dollar index has found support ahead of 100.60 which has held prices higher throughout the triangle consolidation. As marked on the 4H chart here, prices have terminated potential Wave D just below 101.00 and last Wave E should resume higher anytime soon. Only a break below 100.60 will confirm that the triangle was complete at 103.20 earlier.
Alternatively, the US dollar index will at least produce a corrective rally towards 102.50 before turning lower again. Please note that 102.50 is also the Fibonacci 0.618 retracement of the entire drop between 103.20 and 100.90. In case wave E higher or after a corrective move, the instrument is looking higher from here.
Trading idea:
A potential rally towards 103.30 to resume soon
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: