US Dollar Index had earlier rallied to 103.00 levels and might have carved a potential top. Bears continued to remain in control since then and they have managed to produce Wave 1 lower towards 98.27. Furthermore, the impulse drop has been retraced up to fibonacci 50% of the earlier drop, around 100.91 levels respectively. The US Dollar Index is breaking below its counter trend line, which is encouraging for further bearish continuation. A drop below the 99.00 handle would confirm that a lower high is in place around 100.93 and that bears would remain poised to push towards 94.65, going forward.
Strategy:
Short against 103.00, targeting below 94.65.
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:
Short against 103.00, targeting below 94.65.
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.
