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15.06.2023 01:57 PM
The US dollar index slipped through 102.20 on Wednesday before reversing sharply towards 102.90 post-FOMC meeting. The index is seen to be trading close to 102.75 at this point in writing as the bulls prepare to come back in control and push the instrument towards 104.75 at least. Also, note that 104.70 is the next-in-line resistance as marked on the 4H chart here.
The US dollar index is producing a larger-degree corrective wave from the 100.50 lows. It has terminated the first and second waves around the 105.50 and 100.34 levels respectively. Since then, the index has been unfolding the last wave higher towards 105.50 to complete the expanded flat pattern. Once complete, a huge bear market is expected to unfold.
The US dollar index has been progressing higher since the 100.34 lows within the larger wave projected towards 105.50. The retracement has tested 102.20 which is just below the Fibonacci 0.50 level of its recent upswing between 100.34 and 104.65 levels respectively. Immediate resistance is seen through 103.20 and a push through that will confirm that the bulls are back in control.
A potential rally towards 105.00 to resume soon
Good luck!
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