US Dollar Index seems to have found intermediary support around 97.30 handle today. The index is trading around 97.53/55 right now and is expected to push higher towards 99.30/40 handle, going forward. The drop from 100.56 is still in 3 waves and hence we maintain cautious stance at this juncture. Possibility remains that US Dollar Index is retracing higher towards 99.30 and would then resume its downward slope. Alternately, a break above 100.00 would threaten the bearish outlook and attempt to push towards 100.56 resistance. Either way, charts are pointing towards a pullback or corrective rally for now and we are turning Neutral for the short term scenario. Overall, US Dollar Index remain bearish against 103.00.
Strategy:
Short term bullish against 97.20, target 99.30
Long term bearish against 103.00, target below 94.00
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 term bullish against 97.20, target 99.30
Long term bearish against 103.00, target below 94.00
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.