US Dollar Index managed to print 93.91 before pulling back today. It has remained shy by 09 points to clear 94.00 resistance. Going by the highest probable wave count, the index seems to have completed its first wave higher and is on its way to terminate second wave around 93.00/10. If the above unfolds accordingly, bulls are expected to be back again around 93.00/10, which is the fibonacci 0.618 retracement of earlier rally as well. The next potential upside target could be 98.00 at least. Alternately, the indice may reverse higher from here and take out 94.00 resistance before producing a corrective drop. Looking higher above 92.52 mark.
Remain long, stop @ 92.20, target @ 98.00
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 @ 92.20, target @ 98.00
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.