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The US dollar index has rallied through 102.70 hitting the Fibonacci extensions projected earlier on Monday. The rally on Wednesday now looks complete and the index should produce a corrective drop towards 102.00 and up to 101.50 in the near term. The instrument is seen to be trading close to 102.50 at this point in writing as the bears prepare to drag prices lower from here.
The US dollar index has now carved a meaningful upswing between 100.60 and 102.70 as seen on the hourly chart. Prices should now retrace the above rally and the index could drop to the Fibonacci 0.618 retracement, around the 101.40-50 zone. The bulls will be inclined to come back in control thereafter and push the price through 105.00 going forward.
The US dollar index is currently carving a larger-degree corrective wave, which began from the 100.34 lows. The entire corrective phase is expected to complete above 105.50 and up to 109.00 in the next several weeks. Only a consistent break below 100.34 will change the bullish structure and bring back the bears into play.
A potential rally to continue towards 105.00 after a corrective drop.
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।
