The recent rally past 96.68 levels must have turned most traders on the bullish side of US Dollar Index but prices still need to decisively break above 97.71 levels to void the bearish scenario. It has taken several months and expanded flat structures are difficult to identify at times. At this moment the larger degree structure remains intact towards an expanded flat being unfolded since 97.00 levels earlier. Also note that the rally from 95.20 through 97.00 seems to be in 3 waves, and hence corrective. A bearish reversal from here could still keep the structure intact. We remain neutral for now and shall wait for a break below 96.50 levels for further confirmation on the bearish stance. Kindly note that upside remains limited even if 97.71 levels break, since strong bearish divergence is seen on different time frames.
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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.
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.