Trading plan for US dollar index on May 24, 2023
May 24, 2023 7:23 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
Technical outlook:
The US dollar index has continued its rally as expected hitting fresh swing highs at 103.60 on Tuesday. The index is seen to be trading close to 103.00 at this point in writing and the slide could continue towards the 102.40-50 zone. Also, note that 102.40 is the previous immediate price support alongside the Fibonacci 0.382 retracement of the upswing between 100.80 and 103.60.
The US dollar index is currently working on the above upswing between 100.80 and 103.60 and could retrace lower up to 101.75 which is the Fibonacci 0.618 retracement of the above rally. The current pattern is a potential expanded flat correction, which is within its last lower wave. The above should drag the price below 102.56 at least to complete the pattern.
The US dollar index remains bullish against the 100.80 support and its medium-term target potential remains toward 104.50, 105.50, and higher. The recent corrective drop should be taken as yet another opportunity to open long positions. Furthermore, the 102.00 zone was previous resistance, which would act as support going forward.
Trading idea:
A potential rally to continue after correction towards the 102.40-60 zone.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: