02.03.202312:01 Forex Analysis & Reviews: Trading plan for US dollar index on March 02, 2023

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Technical outlook:

The US dollar index rallied through the 104.45 highs intraday on Thursday after carving a low at 102.72 earlier. The index is seen to be trading close to 104.35 at this point in writing as the bears prepare to drag the price lower again. The index is also facing the past support-turned-resistance zone around 104.30-40. The instrument is looking lower from here in the near term.

The US dollar index has carved a larger-degree bearish boundary between 114.70 and 100.50 in the past several weeks. The same is being retraced since early February 2023. The index is expected to reach 106.50 at least in the next few weeks. As the corrective wave unfolds, a short decline towards 102.50-105.00 cannot be ruled out.

The recent boundary being worked upon is between 100.50 and 105.00 and prices are expected to drag towards 103.25 in the near term. A potential remains for a drop through 102.50, which is the Fibonacci 0.618 retracement of the above rally. The bulls would be poised to be back in control thereafter. Ideally, prices should stay above 100.50 in the medium term.

Trading idea:

A potential near-term drop through 102.50 and then the rally will resume.

Good luck!

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