Technical outlook:
The US dollar index slipped through the 103.56 lows during the New York session on Thursday holding above its range low at 103.50. The index is seen to be trading close to the 103.65 mark at this point of writing as bulls are seemed to be poised to hold prices above the 103.40-50 range. A break above 104.40 is still required to confirm a bullish breakout though.
The US dollar index might have terminated its last wave of the sideways consolidation at the 103.56 mark. If it is correct, prices would stay above 103.50 and go higher above 104.50 to break on the north side. Please note that a minimum projected target is 105.50 and 107.00 thereafter. Bulls remain poised to come back in control and hold prices above the 103.00 mark.
Also, note that the larger degree corrective drop from 114.70 looks complete at 103.00. If the structure holds well, bulls will remain inclined to push prices towards 114.70 and further, and complete its two-year rally that began from the 89.50 level. Either way, we can expect a rally from here at least towards 107.00 and 110.50, if not further.
Trading plan:
Potential rally against 102.00
Good luck!
Relevance up to 04:00 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
