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The US dollar index dropped towards 102.20 intraday on Tuesday. The index should be well supported around 102.07 which is the Fibonacci 0.618 retracement of the recent lower-degree upswing between 101.50 and 102.97 respectively. It is seen to be trading around 102.25 at this point in writing as the bulls prepare for the next leg higher.
The US dollar index is carving a larger-degree counter-trend rally since the 100.50 lows printed on February 02, 2023. The larger-degree downswing between 114.70 and 100.50 is being retraced with potential targets seen towards 106.50 and up to the 108.00-109.00 levels respectively. Ideally, prices should stay above 100.50 to keep the bullish structure intact.
The US dollar index is now progressing within its last wave higher against 100.50. Prices have found support at the Fibonacci 0.786 retracement of the initial wave higher and produced a bullish reversal. Furthermore, lower-degree waves are unfolding with 102.10-15 as an intraday support zone. If the above holds well, the next targets are 103.50 and 103.60 in the near term.
Potential rally towards 106.50 against 100.50
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