07.03.2023 08:12 AM
The US dollar index slipped below 104.00 in the early Asia session on Tuesday. After carving an intraday low of 103.78, the index is seen to be trading above 103.85 at this point in writing. Bears are looking inclined to drag lower toward 103.20-25 in the near term before finding some bids coming.
The US dollar index has carved a meaningful larger degree bearish boundary between 114.70 and 100.50 in the past several weeks. Since then, the index has been retracing higher and is projected toward 106.50 at least. In fact, the 0.618 Fibonacci retracement of the above bearish boundary is seen passing through 109.30, which could be the second target.
The US dollar index has carved its first wave of the above corrective rally between 100.50 and 105.00. It is currently progressing lower towards 103.25 and up to 102.50 levels as the second wave unfolds. We can expect a rally toward 106.50 and 109.30 levels thereafter. Ideally, prices stay above 100.50 interim support.
Potential near-term drop to 103.25 and 102.50 before the rally resumes.
Good luck!
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
