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Technical outlook:
US Dollar Index might have found interim support today around 92.25/30 levels. The index has bounced off day's low and is now looking to stage a rally towards 93.30 at least, to complete the wave structure that had begun from 89.50 lows earlier. Only a consistent drop below 92.00 will confirm that US Dollar Index has carved a meaningful top and is now wanting to correct lower.
US Dollar Index is seen to be trading around 92.38 mark and is expected to push higher over the short term. High probability remains for a push towards 93.20/30 at least in the coming days. Immediate support is seen at 92.00 mark while resistance stays around 93.40 levels respectively. A break above 93.40 might be constructive for bulls further.
US Dollar Index is very close to construct a bullish upswing between 89.50 and 93.20 levels respectively. We can expect a corrective drop thereafter, towards 91.50 and 90.80 levels before the rally could resume further. In the medium term, potential remains for a push towards 95.00 and 96.00 levels at least.
Trading plan:
Remain long, stop @ 89.50, target @ 95.00 and 96.00
Good luck!
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