Technical outlook:
US Dollar Index dropped through fresh lows at 90.47 over the last week, before managing to find some support. The indicator is seen to be trading around 90.85 levels at this point in writing and could be preparing to push higher towards 91.40.50 levels at least before hitting resistance. The overall structure has been bearish since 103.00 highs in March 2020, with bears managing to carve a series of lower lows and lower highs through 90.47 levels. The index has been inching closer to forming a meaningful bottom and quite possible to have carved around 90.47 levels. A break above the resistance trend line and 94.75 resistance, will confirm a major trend reversal, going forward. On the flip side, the US Dollar Index might carve yet another shallow low below 90.47 before turning higher again.
Trading plan:
Remain long, stop @ 89.00 target is open.
Good luck!
