The US Dollar Index might have formed a meaningful top at 96.85/86 levels last week before reversing lower on Friday. The index seems to be testing the recent swing highs and could reverse lower from current price around 96.75 levels. Let us have a re-look at medium term and short term wave counts for clear direction. The medium term outlook suggests that a flat corrective drop could be in the making with Wave A in place around 93.80 and Wave B in place around 96.85 levels respectively. Till the time prices stay below 96.85 and broadly below 97.00 levels, we could see a sharp drop lower towards 95.80 at least as the short term waves unfold. A lower degree waves i and ii could be complete now and wave iii could begin any moment till prices stay below 96.85.
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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.