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The US dollar index seems to have finally carved a higher low around 101.00 on Wednesday. The index has rallied through 101.66 and is seen to be trading near the day's high as the bulls prepare to come back in control. Interestingly, the bulls have carved a Morning Star candlestick pattern on the daily chart (not seen here), which gives further confidence for a turn higher.
Immediate price resistance is now seen at 103.00 and a break higher will confirm that the bulls are back in control and prices pushing towards 106.50. Ideally, prices should now hold above the 100.50 swing support, to keep the bullish structure intact. The larger-degree wave structure suggests a sharp rally from here soon.
Also, note that prices are bouncing from just below the Fibonacci 0.786 retracement of the previous rally between 100.50 and 105.50. This is the last line of support and a break below 101.00 from here will be encouraging to the bears. In that case, the US dollar index could slip below 100.50 and nullify the bullish scenario.
A potential rally towards 106.50 against 100.50
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
