Dollar Index Review & Outlook

$USDX 4 hour chart - The dollar index finally touched the correction target from previous post last week and is now back above 83.00. Support is now at 81.72 (last week low).

$USDX daily chart - Target projections are based on several multiplier of correction range, added to last week low. AB=CD pattern projection (2x correction range) is my final target. Check points are 1x, 1.382x, and 1.618x correction range at 83.49, 84.32, and 84.82 respectively.

Dollar Index Weekly Outlook

$USDX DAILY CHART - The dollar index has broken the rising trendline from early February after it failed to close above 82.97 ( 161.8% of AB). I am hoping to see short-term reversal for the dollar, targeting retracement levels of the rally (see chart below).

$USDX 4-HOUR CHART - The dollar index currently trade around 82.45/55, just above 23.6% retracement level at 82.17. Next support levels are 38.2% and 50% at 81.55 and 81.05 respectively.