Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
The US dollar index has hit the initial projected target at about 104.15 as seen on the 4H chart here. The Fibonacci 1.618 extension was exceeded as the bulls registered a high close to 104.23. The index reversed sharply from there, dragging the index lower through 103.00 before finding some near-term support. It is seen to be trading close to 103.70 at this point in writing.
The US dollar index seems to have more room on the upside to complete the rally, which had begun from the 100.34 lows. After witnessing a straight rally from 100.60 towards 104.23 levels, the price could consolidate ahead of 105.50 which looks like the next Fibonacci extension and target. Near-term support is seen just below 103.00.
The US dollar index should be targeting 105.50 and higher in the next few trading sessions. Please also note that 105.50 is the next price resistance and the bulls want to take that out to complete the larger-degree corrective pattern. After hitting 105.50, the US dollar index could begin a bearish reversal dragging the price much lower.
A potential rally through 105.50 remains possible in the near term.
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
