The US Dollar Index managed to test recent swing lows at 95.65 levels yesterday before pulling back. It is seen to be trading close to 96.00 levels for now and looking at the short term wave structure, it could produce a complex correction, rallying towards 97.00 levels before resuming lower again. The higher degree structure remains unchanged with resistance at 97.71 levels intact for now and the US Dollar Index looking poised to produce Wave (C) of a potential expanded flat or much lower. In either case, the index should be poised to drop below 93.65 levels at least, going forward. It remain to be seen whether the short term structure produces a surprise rally to re-test 97.00 levels or not. Overall bearish momentum prevails until prices remain below 97.71 levels.
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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.