Corrective structures are trick at times and they take their own time to unfold and reveal possibilities. The US Dollar Index has been the same since last two months after having produced an impulse rally between 88.30 and 97.00 levels earlier. The corrective drop in 3 waves is taking time to unfold itself as an expanded flat or a triangle. Since last several trading sessions, the US Dollar Index seems to be within a range between 96.00 and 97.50 levels respectively. A break on either side is required to confirm further direction. High probable counts are pointing towards an expanded flat, in which case, the drop could continue towards 94.00 levels. Immediate price resistance is at 97.70, while support comes in at 96.00 levels respectively. Overall, a sell on rallies trading strategy could be a safe bet for now.
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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.