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The US dollar index rallied through the 105.05 high over the last week, surpassing the Fibonacci target at 104.65 as projected on the H chart here. The index is seen to be trading close to 104.80 at this point in writing as bears are preparing to come back in control soon. The immediate support is at 104.10, which should be the initial target.
The US dollar index might have terminated its first wave of the larger degree corrective phase around 105.05 or should be close to terminating. The second wave should resume soon and drag prices towards the 103.00-20 range at least, before the last wave rally towards the 109.00 level resumes. Once the corrective phase is complete, the index will resume its larger degree downtrend.
The US dollar index has almost taken out its previous larger degree resistance at the 105.35 mark. Furthermore, prices have reached the Fibonacci 0.382 retracement of the entire drop between the 114.70 and 99.15 levels respectively. Considering the above, a high probability remains for a pullback to resume soon towards 103.00.
Potential drop toards 103.00 to resme soon.
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।
