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The US dollar index rallied through the 101.65 resistance on Friday and reversed lower thereafter. The index has produced an Engulfing Bearish candlestick pattern on the 4H chart indicating a potential reversal ahead. It is seen to be trading close to 101.50 at this point in writing and is projected to turn lower towards 98.00 going further.
The US dollar index had broken out of the triangle consolidation after reversing from 103.17 which was Wave E termination as marked here. The index is now looking poised to carve a meaningful downswing, which could push the instrument down to 98.00 in the coming few weeks. Immediate price resistance is seen at 103.17 and prices should stay lower to keep the bearish structure intact.
The US dollar index has further carved a lower-degree downswing between 103.17 and 99.16. The above downswing has been retraced to the Fibonacci 0.618 level at 101.65 as projected on the chart here. A high probability remains for the bears to come back in control from here and drag the index lower towards 98.00 at least.
A potential drop towards 98.00 to resume soon.
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।
