The US Dollar Index structure remains unchanged for now and it is seen to be pushing lower towards 95.00 levels and further. It is trading at the day's low at 96.39 levels and a push below 96.00 levels could confirm and accelerate further, the bearish structure discussed earlier. Please note that prices should stay below 97.54/70 levels for the bears to stay in control. Immediate support is seen at 96.00 while resistance stays at 97.70 levels respectively. Looking into the higher degree wave counts, the US Dollar Index is still unfolding as a corrective (A)-(B)-(C), which could be an expanded flat or a triangle. In either case, we should see prices dropping at least towards 95.00 levels at least. Overall, the medium term bearish structure remain intact for now.
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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.