US Dollar Index remains unchanged with target below 94.00
US Dollar Index tests support at 98.80/81 levels before pulling back. It is displaying resilience around 98.80 handle, indicating a potential corrective rally could be possible towards 100.00 handle. If we look at the wave structure since 98.27 lows, the US Dollar Index has drifted sideways producing a barrier triangle (dropping resistance and constant support). If the triangle count is correct, we can expect wave e to terminate towards 100.00 before a sharp reversal lower again. Aggressive long positions should be avoided for now as US Dollar remains bearish until 103.00 holds.
Strategy:
Short against 103.00, targeting 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 against 103.00, targeting 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.