ExclusiveMarkets

US Dollar Index preparing to reverse lower from 100.00 levels

Short
TVC:DXY   U.S. Dollar Index
US Dollar Index has now reached close to 100.00 mark defined yesterday for a potential bearish resumption. We still favor a triangle count for Wave 2, which could be into its last leg (wave e, not labelled here) and terminate close to 100.00 levels. Earlier, the drop between 103.00 and 98.27 was an impulse. Wave 1 on the chart here. If the above counts hold well, a sharp reversal could be underway towards 94.00 levels as Wave 3 unfolds. Only a break above 103.00 would void the above bearish structure.

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
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.