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22.03.2023 08:22 AM
Trading plan for USD index on March 22, 2023

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Technical outlook:

The US dollar index dropped through the 102.60 mark intraday on Tuesday before finding mild bids again. Potential still remains for a dip through the 102.50 mark before resuming its rally towards 106.00 and higher. The index is seen to be trading close to 102.80 at this point in writing as bulls prepare to come back in control soon.

The US dollar index has carved an Up Gartley since carving a high close to 105.50 levels early in March. The corrective wave is approaching the 0.618 Fibonacci retracement of its earlier upswing between 100.50 and 105.50. A high probability remains for a bullish reversal if the price manages to drop through the 102.50 mark intraday.

The medium-term wave structure remains bullish for the US dollar index, which has carved a larger degree upswing between 100.50 and 105.50, followed by a corrective drop through the 102.50-60 zone. Ideally, prices should stay above 100.50 interim support and continue pushing higher towards 106.00-60 and 108.00 levels going forward.

Trading plan:

Potential rally through 106.50 and higher against 100.50

Good luck!

Oscar Ton,
Analytical expert of InstaForex
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