US Dollar takes out 93.50 to terminate potential Wave 1
US Dollar Index has pushed through 93.50 resistance, confirming a meaningful bottom in place at 91.75 handle. Also note that a lower degree Wave 1 might be complete from 91.75 through 93.60 mark respectively. If the above holds, the US Dollar Index might be heading lower towards 92.30/50 mark, to produce a similar degree Wave 2. Also note that fibonacci 0.618 retracement of the above rally is seen close to 92.40/50 levels. Probability remains high for a bullish bounce there. Good to buy on dips.
Remain long, stop @ 91.50, 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 @ 91.50, 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.