The US Dollar Index rallied yesterday and hit 96.68 levels before pulling back, keeping 97.00 resistance intact for now. Believe it or not, the structure still remains intact till the US Dollar Index stays below 97.00 and 97.70 levels respectively. The larger wave structure remains intact with Wave (C) unfolding lower towards 94.00 levels at least. The US Dollar Index may consolidate further if a triangle structure is unfolding, and in that case prices may not drop below 95.00 levels; rather continue to print yet another high above 97.71 levels. In case of an expanded flat unfolding, we could witness prices dropping at least towards 94.00 levels going forward. Overall, the bearish momentum remains until prices stay below 97.00 and 97.71 levels, and it could be a safe strategy to remain short.
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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.