The US dollar declined in light of the collapses in the US banking sector, the bankruptcy of banks, and depositors in the US withdrawing their deposits from banks.
In this decline for the dollar, we see that the US dollar index is trading in the bearish channel in red over the four-hour timeframe, and is heading towards retesting the lower trend area of the channel, which is an oversold area, which means an area of bullish retracement, and also the support area in yellow at 103.00. At the same time, there is an area Request marked in blue. This means that it is a very strong and triple area from which the dollar can rebound to the upside in a new third wave that may be as strong as the first and second waves marked in yellow, which means that we are waiting or expecting an upward retracement of about 1.60% to the top from these areas.
In the ascending wave, the price could test the upper trend line of the channel and then complete the downside trend.
The very strong influence this week is the interest rate decision from the US Federal Reserve that will be issued on Wednesday and Powell’s speech, which could support the dollar, which may give positivity to the idea of an upward rebound.
I hope the honorable brothers support follow-up and admiration.
