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The US dollar index carved a potential Tweezer Top candlestick pattern last week after raising through 105.30. The index has eased off since then and is seen to be trading close to 104.75 at this point in writing. Ideally, prices should reverse from here and drag lower towards 88.00 as projected on the daily chart here.
The US dollar index has been working on a larger degree upswing between 89.50 and 105.52 since May 13, 2022. The index might be unfolding a complex corrective structure (expanded flat) and is targeting the Fibonacci 0.382 retracement level of the above rally. Also, note that bears could drag through the Fibonacci 0.618 retracement levels as well, which is seen at around 95.40.
The US dollar index has further carved a lower-degree downswing between 105.52 and 103.15 as seen on the chart. Prices have also completed a corrective rally through 105.30. If the interim resistance at 105.52 holds well, bears will come back strong from here and drag the price towards 99.00 going forward.
Potential drop towards 99.00 against 105.52.
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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