31.05.202206:51 Forex Analysis & Reviews: Trading plan for US dollar index on May 31, 2022

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Technical outlook:

The US dollar index dropped through 101.08 lows during the New York Session on Monday before finding bids again. The index is seen to be trading around 101.45 at this point in writing and is expected to rally further through the 103.40-50 zone in the next few trading sessions. Bulls remain poised to hold above the 101.08 low for now.

The US dollar index has carved a meaningful downswing between 104.88 and 101.08 in the past few trading sessions. Bears have dropped over 100 points after breaking below initial support at 102.30. Ideally, the index should produce a counter-trend rally towards 103.40, which is also the Fibonacci 0.618 retracement of the above downswing.

The US dollar index had produced a meticulous rally between 89.50 and 104.88 as seen on the daily chart. The same is being worked upon and bears will be inclined to remain in control until prices stay below 104.88. Potential targets are towards 99.00 and up to 95.20, which is also the Fibonacci 0.618 retracement of the larger degree upswing as discussed above.

Trading plan:

Potential short-term rally through 103.40, then reversal towards 99.00 and 95.20 against 104.88.

Good luck!

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