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Technical outlook:
The US Dollar Index has dropped through 90.85 levels today before finding support again. It is not shown here, but today's intraday low was close to the fibonacci 0.618 retracement of its recent rally between 89.70 and 93.43 levels respectively. The index has taken about 20 days time to produce the corrective drop and seems to be ready for the next leg higher.
The US Dollar Index is off its day's lows and is seen to be trading around 91.06 levels at this point in writing, as bulls prepare for the next rally. Also note that it is producing a Doji or Pinbar candlestick pattern on the daily chart indicating a potential trend reversal. Strong price support is seen at 89.70, followed by 89.20; while resistance is around 94.50/95.00 levels respectively.
Looking at the wave structure, the US Dollar Index might be preparing for the next largest rally extending towards 95.70 and up to 98.00 levels, going forward. For the above bullish structure to hold well, prices must ideally stay above 89.70 and subsequently 89.20 levels. A push above 91.80 would be considered constructive for bulls.
Trading plan:
Remain long, stop @ 89.20, target 95.00 and 98.00
Good luck!
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