The US Dollar Index made an intraday high close to 97.00 levels yesterday, before closing at 96.95 levels. Please note that the fibonacci 0.618 resistance of the drop between 97.70 through 96.00 levels is seen at 97.05 levels, hence possibility remains for a rise there, before the drop resumes. Looking at the short term wave counts, a lower degree wave i could have terminated around 96.00 levels, followed by wave ii termination around 97.00 levels. If the above counts hold to be true, we could see a wave iii drop lower materializing soon. Kindly note that Wave C of one larger degree could be progressing and might unfold into 5 waves in case of an expanded flat (A)-(B)-(C) unfolding. Overall, medium term outlook remains bearish for the US Dollar Index .
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.
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.