US Dollar Index lower degree wave ii rally to terminate at 100.3
US Dollar Index hourly chart has been presented here to have a clear picture of lower degree wave counts. Earlier, the US Dollar Index had carved a flat corrective Wave 2, and terminated around 100.87 levels. The drop since then has been an impulse (100.87 to 99.45), lower degree wave i on the chart. As we write this article a corrective zigzag rally is being carved as wave ii and is expected to terminate around 100.30 levels (rectangle box in the pink). A sharp wave iii decline is expected to resume from 100.30 levels and push towards 98.60 levels and further. Structurally, US Dollar Index remains bearish as long as prices stay below 103.00 mark.
Strategy:
Intraday: Rally towards 100.30, then lower.
Medium term: Short against 103.00, targeting below 94.65.
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:
Intraday: Rally towards 100.30, then lower.
Medium term: Short against 103.00, targeting below 94.65.
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.