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The US dollar index rallied through 104.24 during the New York session on Wednesday before pulling back. The index is seen to be trading close to 104.00 levels at this point in writing as the bears are ready to drag the price lower towards 102.00. On the other hand, if prices break above 104.30 consistently, the bulls would want to take out resistance at 105.35 before giving up.
The US dollar index is carving a larger-degree corrective rally, which began from 100.50 on February 02, 2023. The above corrective rally is expected to terminate close to 106.50 and up to 109.30 in the next few weeks. Within the above structure, a counter-trend drop could unfold dragging prices below 102.00 before the bulls are back.
Ideally, prices should remain above 100.50 to keep the above bullish structure intact. Furthermore, a push above 105.35 will confirm and open the door towards 106.50 and 109.30 as projected on the 4H chart here. Also, note that 109.30 is the Fibonacci 0.618 retracement of its earlier decline from 114.70 to 100.50, hence a bearish reaction is possible.
A potential bullish move to continue against 100.50
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
