US Dollar Index had dropped between 103.00 and 98.29 subdividing into 5 waves, hence labelled as Wave 1. The subsequent rally was corrective and found resistance around fibonacci 50% retracement (100.93), potential Wave 2. Sine then, Wave 3 could be underway towards 94.65 and lower. A drop below 98.90 would confirm the above. Alternately, Wave 2 could be still unfolding and might test fibonacci 0.618 retracement at 101.20, before terminating. Either ways US Dollar Index remain bearish as long as prices stay below 103.00 resistance.
Strategy:
Short against 103.00, targeting 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 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.