17.02.202201:51 Forex Analysis & Reviews: Trading plan for US dollar index for February 17, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook:

The US dollar index has drifted lower to 95.70 mark on Wednesday after facing resistance around the 96.30 mark. It is quite possible that the index has carved a lower high around 96.30 and is now preparing to break below 94.50 level. On the flip side a push through 96.30 would test 96.50-60 zone before turning lower again.

The US dollar index has carved a meaningful downswing between 97.37 and 95.00 levels as seen on the daily chart presented. The above is being retraced for now and possibility remains for a push through 96.50-60 zone before bears are back in control. The indice might be still working to complete the Up Gartley corrective structure towards 96.50.

Also note that 96.50-60 is also the Fibonacci 0.618 retracement of the above downswing between 97.37 and 95.00 levels. Probability remains for a sharp bearish reversal if prices manage to reach there. The overall structure continues to remain bearish until prices stay below 97.37 interim resistance, going forward.

Trading plan:

Potential push through 96.50 then lower towards 93.00 and 91.00

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.