US Dollar Index is progressing lower towards Wave 2 termination around 92.30/40 levels. The index has managed to complete an impulse rally between 91.75 and 93.65 earlier, confirming a major bottom in place and that bulls are in control. The corrective wave might find interim support around 92.90/93.00 levels in the near term. Expect slight pullback before dropping lower again towards 92.30/40, which is also the fibonacci 0.618 retracement of the earlier rally. Good to buy on dips.
Remain long, stop @ 91.40, target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain long, stop @ 91.40, target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.