We have again presented the daily chart wave counts as yesterday to keep the bigger picture in mind and also a simplified chart view. It seems to be that after an impulse rally between 88.30 and 97.00 levels respectively, the US Dollar Index is unfolding as a potential expanded flat (A)-(B)-(C) corrective drop. If the above counts hold to be true, we could witness Wave (C) drop from current levels, 96.60/70, or from 97.00/10 levels, towards 93.80 at least. It remains to be seen if prices face resistance here or around 97.00/10 levels. As an alternate we could witness a triangle forming and we shall present the possibility as price and waves unfold. In either case, it could be a safe trading strategy to remain short and/or initiate fresh short positions around 97.00/10 levels against 97.70; with a potential target at 93.80 for now.
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.
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.