US Dollar Index might have hit a potential support around 97.85 levels today. The rally since then has been swift and the index is seen to be trading above 98.20 levels as we write the article. The US Dollar Index is either proceeding towards a meaningful counter trend rally, or might be preparing to continue higher from here. It is difficult to confirm at this point in time but it is advisable to take some profits on short positions. In case of a corrective rally, the US Dollar Index would stay below 100.56, going forward. Alternately, if prices break above 100.56, it could threaten further towards 103.00. Either way, we shall review again if prices stall around 100.00 levels to see if the down trend could resume. At the moment, we turn our bias to neutral from negative.
Strategy:
Take profits on short positions. Remain flat.
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:
Take profits on short positions. Remain flat.
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.