24.03.2023 07:46 AM
Trading plan for US dollar index on March 24, 2023

This image is no longer relevant

Technical outlook:

The US dollar index dropped through the 101.55 lows intraday on Thursday before finding bids and pulling back higher again. The index rallied through the 102.20-25 zone early on Friday and is seen to be trading close to 102.10 at this point in writing. The bulls are now looking inclined to come back in control and push towards the 104.70 interim resistance in the near term.

The US dollar index has managed to find support at the Fibonacci 0.786 retracement of the previous rally between 100.50 and 105.50 as marked on the 4H chart. Furthermore, the 101.50-55 zone is also the Fibonacci convergence as the 1.618 extension is also passing through. Also, note that the bulls have carved a Morning Star bullish pattern as well thereafter.

All the above convergences are clearly indicating a sharp potential bullish reversal ahead. A potential remains for the bulls to extend the rally towards 106.50 and up to 109.00 in the coming weeks. Ideally, prices need to stay above 100.50 to keep the bullish structure intact. Intraday support should be seen close to the 101.80-90 zone.

Trading idea:

A potential bullish reversal towards 106.50 against 100.00

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account


提出您的问题,用 在线帮助.
Widget callback