18.04.202311:15 Forex Analysis & Reviews: Trading plan for US dollar index on April 18, 2023

Technical outlook:

The US dollar index dropped to the 100.34 low last week before finding support again. The series of lower lows and lower highs carved since 105.50 looks complete now as the bulls are determined to remain in control from here. The index is seen to be trading close to 101.25 at this point in writing and is expected to push through 102.40-50 in the near term.

The US dollar index is still unfolding a larger-degree complex corrective rally, which had begun from 100.50 earlier. Currently, prices have tested the downtrend line and are pulling back before finding support around 101.25. The bulls are determined to remain in control and push through 105.50 to complete the pattern.

The US dollar index should find intraday support around the 100.90-101.10 area which is also the Fibonacci 0.618 retracement of the recent rally between 100.34 and 101.80. Ideally, prices stay above the 100.34 low and push through 102.50 and up to the 103.95 high in the near term. Only a consistent break below 100.34 will void the bullish structure.

Trading idea:

A potential bullish move against 100.00

Good luck!