The US dollar index has managed to find support around the 100.50-60 zone yet again indicating a strong potential to produce a bullish reversal soon. The index is seen to be trading close to 100.85 at this point in writing as the bulls remain poised to push higher towards 102.50 and 103.70 going forward. Ideally, prices should stay above the 100.34 support from here.
The US dollar index has carved a larger-degree downswing between 114.70 and 100.50 on the daily chart (not seen here). Ideally, prices need to retrace the entire drop and rally towards 106.50 at least before the bears are back in control. Also, note that the rally could extend towards 108.00 which is close to the Fibonacci 0.618 retracement of the drop.
The US dollar index has broken its recent downtrend line, passing through the highs since 105.50 as seen on the 4H chart here. Furthermore, it has found support around the Fibonacci 0.786 retracement of the recent upswing between 100.34 and 101.78. A strong probability remains for a bullish trend to resume from the current levels as long as 100.34 remains intact.
Technical outlook:
A potential rally against 100.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook:
The US dollar index has managed to find support around the 100.50-60 zone yet again indicating a strong potential to produce a bullish reversal soon. The index is seen to be trading close to 100.85 at this point in writing as the bulls remain poised to push higher towards 102.50 and 103.70 going forward. Ideally, prices should stay above the 100.34 support from here.
The US dollar index has carved a larger-degree downswing between 114.70 and 100.50 on the daily chart (not seen here). Ideally, prices need to retrace the entire drop and rally towards 106.50 at least before the bears are back in control. Also, note that the rally could extend towards 108.00 which is close to the Fibonacci 0.618 retracement of the drop.
The US dollar index has broken its recent downtrend line, passing through the highs since 105.50 as seen on the 4H chart here. Furthermore, it has found support around the Fibonacci 0.786 retracement of the recent upswing between 100.34 and 101.78. A strong probability remains for a bullish trend to resume from the current levels as long as 100.34 remains intact.
Technical outlook:
A potential rally against 100.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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