Trading plan for US Dollar Index for April 30, 2020

Trading 30 avr 2020 Donner votre avis

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Technical outlook:

US Dollar Index might be preparing to drop towards 95.00 levels as highlighted on the 4H chart here. The index is seen to be trading around 99.42 levels at this point in writing and is expected to rally towards 100.00 levels before reversing sharply lower again. Please note that resent boundary that is worked upon is between 103.00 and 98.27 respectively. The US Dollar Index has been drifting sideways since then after retracing towards 100.93 levels, just below the fibonacci 0.618 retracement of the drop. Earlier, we were expecting prices to retrace towards 101.20 levels before reversing lower again but it seems unlikely now. Watch out for a slight rally towards 100.00 levels before a bearish reversal takes place. On the flip side, a break below 99.00 would confirm a bearish break and prices would accelerate lower towards 95.00.

Trading plan:

Remain short, stop @ 103.00, target is 95.00

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

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