US Dollar Index has retraced to fibonacci 0.618 level of the recent rally between 92.52 and 93.91 respectively. It is expected to turn higher from 93.00/10 levels and push through 94.00 levels, going forward. The projected targets remain above 96.17, if the above structure unfolds accordingly. An alternate count could be a potential triangle consolidation since 92.55 is underway, and prices might drop one last time below 92.52, going forward. Either way, a bottom is close to forming.
Remain long, stop @ 92.20, target @ 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 @ 92.20, target @ 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.