The US Dollar Index has managed to break above 96.16 levels yesterday, printing fresh intraday highs at 96.54 levels before pulling back. Believe it or not, the medium term structure still looks constructive and encouraging for bears to take control, until prices stay below 97.00 levels going forward. Looking into the wave counts, a probable wave A terminated at 93.80 and wave B is being carved out around 96.50/60 levels at this point in time. Immediate price support is seen at 95.40 levels and a break lower would confirm a meaningful to top in place. Also note that prices stay around the fibonacci 0.786 resistance zone at this time and could see a bearish reaction.
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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.