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Technical outlook:
The end of the day chart has been presented for US Dollar Index, which indicates a potential bottom formed around 89.20 on January 06, 2021. Furthermore, bulls were successful in producing a Morning Star candlestick pattern after 89.20 low, indicating a potential trend reversal. The US Dollar Index spot is seen to be trading around 90.00 levels at this point in writing and could slide further towards 89.50/60 zone in the next 1-2 trading sessions.
Immediate resistance is now seen at 91.00, while support is fixed just below 89.20 levels respectively. The recent boundary which is being worked upon on smaller time frame is between 89.20 and 90.72 respectively. The fibonacci 0.618 retracement if the recent rally is seen towards 89.80 levels, and bulls might be inclined to resume rally if prices manage to reach there.
The overall structure remains constructive for bulls until prices stay above 89.20 levels, going forward. The larger wave structure also indicates a termination of the downtrend from 103.00 highs since March 2020 and potential remains until at least 98.00 levels going forward.
Trading plan:
Remain long, stop below 89.00 target is 94.50 and higher.
Good luck!
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