US Dollar Index is trading close to 96.88 around this time and might drift sideways for a while before breaking higher again. It is important for the index to stay above 95.70 potential support to keep the bullish structure intact. Also note that breaking above 98.20/30 levels would confirm that a meaningful bottom is in place. Also note the resistance trend line would be broken above 98.30 and the index would enter into the buy zone. Alternately, a break below 96.40 and subsequently below 95.70 would confirm that US Dollar Index is heading lower towards 94.65 to complete an impulse wave form 103.00. Until prices stay above 96.40 and 95.70, it is good to remain long.
Strategy:
Long against 95.70, targeting above 103.00
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.
Strategy:
Long against 95.70, targeting above 103.00
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.