The US Dollar Index has exceeded 96.00 resistance as discussed as a probability earlier. It is seen to be trading around 96.10 levels at this point in time and could be close to producing a bearish reversal soon. Finally, the expanded a-b-c wave structure could be complete and Wave B of one larger degree could be in place at the fibonacci 0.618 resistance zone of earlier drop as seen here. If you are looking to take fresh short positions you could wait for a bearish reversal candlestick pattern as a confirmation. More conservative approach could be to wait until prices break below 95.30, initial support. The US Dollar Index could unfold its medium term bearish outlook soon.
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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.