US Dollar reverses just shy of 97.80 resistance. Looking lower
US Dollar Index remained just a few points shy of 97.80, to terminate sub wave iv within Wave 3. The index reversed from 97.72 highs and is on its way towards 94.65, as wave v of 3 unfolds. The early drop from 103.00 through 98.27 was an impulse, Wave 1 on the chart; followed by a triangle Wave 2 termination around 100.56. Since then, Wave 3 has been underway. The sub divisions within Wave 3 are also quite clear and wave iv remained just shy of fibonacci 0.382 retracement of wave iii, around 98.80. If the above counts are correct, US Dollar Index should ideally stay below 99.00 (Wave 3 impulse structure), and proceed towards 94.65 at least.
Strategy:
Short against 103.00, targeting below 94.65.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 103.00, targeting below 94.65.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.