US Dollar Index might rally towards 97.80 before reversing
US Dollar Index continued its drop towards 96.44 today, before pulling back. The index might have carved a lower degree wave iii, within Wave 3 lower towards 94.65. If the above counts are correct we could witness a corrective rally towards 97.80, which is also the fibonacci 0.382 retracement of wave iii. The rally should be seen as another opportunity to go short again with projected targets below 94.65. Overall, the US Dollar Index continues to remain bearish against 103.00 resistance. A break below 94.65 would also confirm a long term bearish reversal. Watch out for a sharp rally towards 97.80 to materialize soon, before US Dollar Index resumes lower again. A break above 96.83 would encourage.
Strategy:
Short against 103.00, targeting 94.65 and lower
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 103.00, targeting 94.65 and lower
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.