empty
 
 
13.01.2021 08:14 AM
Trading plan for US Dollar Index for January 13, 2021

This image is no longer relevant

Technical outlook:

The end of the day chart has been presented for US Dollar Index, which indicates a potential bottom formed around 89.20 on January 06, 2021. Furthermore, bulls were successful in producing a Morning Star candlestick pattern after 89.20 low, indicating a potential trend reversal. The US Dollar Index spot is seen to be trading around 90.00 levels at this point in writing and could slide further towards 89.50/60 zone in the next 1-2 trading sessions.

Immediate resistance is now seen at 91.00, while support is fixed just below 89.20 levels respectively. The recent boundary which is being worked upon on smaller time frame is between 89.20 and 90.72 respectively. The fibonacci 0.618 retracement if the recent rally is seen towards 89.80 levels, and bulls might be inclined to resume rally if prices manage to reach there.

The overall structure remains constructive for bulls until prices stay above 89.20 levels, going forward. The larger wave structure also indicates a termination of the downtrend from 103.00 highs since March 2020 and potential remains until at least 98.00 levels going forward.

Trading plan:

Remain long, stop below 89.00 target is 94.50 and higher.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 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.
    JOIN CONTEST
  • 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.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback