The US Dollar Index rally yesterday might have surprised quite a bit of traders but this pullback was more than due before resuming lower again. Please note that the earlier drop last week had taken out a major support at 95.69 levels and yesterday's pullback could be seen as a reaction to that. The pullback managed to reach 96.96 levels which is fibonacci 0.618 resistance of the entire drop between 97.71 and 95.65 levels respectively. Believe it or not, if the above structure holds true, we could see the US Dollar Index dropping rapidly towards 93.63 levels at least, as projected here. The higher degree wave structure is also suggesting that the US Dollar Index is either producing an expanded flat lower or a fresh impulse wave lower. Overall bearish momentum to remain, until prices stay below 97.71 levels respectively.
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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.