Weekly analysis on the Dollar index as price is close to making new weekly lows.
April 12, 2023 9:23 pm
Blue lines- Fibonacci retracement levels
The Dollar index is trading around 101.53. Price is now challenging the weekly low of 100.79 from January and 101.37 from yesterday. So far the Dollar index has retraced more than 50% of the entire upward move of 2020-2022. The Dollar index formed a lower high in March. As long as price is below that high price will remain vulnerable to a move lower towards the next Fibonacci target at the 61.8% retracement. The next target is at the 99 price level. This is major Fibonacci support. The RSI has not reached oversold levels yet. There is more downside potential and short-term trend remains bearish.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- Fibonacci retracement levels
The Dollar index is trading around 101.53. Price is now challenging the weekly low of 100.79 from January and 101.37 from yesterday. So far the Dollar index has retraced more than 50% of the entire upward move of 2020-2022. The Dollar index formed a lower high in March. As long as price is below that high price will remain vulnerable to a move lower towards the next Fibonacci target at the 61.8% retracement. The next target is at the 99 price level. This is major Fibonacci support. The RSI has not reached oversold levels yet. There is more downside potential and short-term trend remains bearish.
The material has been provided by InstaForex Company – www.instaforex.com
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