The US Dollar Index has formed an Engulfing Bearish candlestick pattern on the daily chart after printing highs at 97.20 levels yesterday. It could be an indication that a major top is in place now and that the US Dollar Index is heading lower towards 94.00 and further. Looking at the lower degree wave count, a wave i and ii might have terminated around 95.20 and 97.20 levels respectively and that wave iii could be unfolding now. The larger degree Wave (C) might unfold as an impulse (5 waves) lower or a potential ending diagonal structure, but in either case, prices should look lower towards at least 94.00 levels if not further. Immediate resistance remains at 97.71 levels while support is seen at 95.20 levels respectively. We turn bearish from being neutral yesterday, towards 94/00 levels.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.