US Dollar Index has sharply reversed from 96.24 lows, keeping the larger degree structure intact as discussed earlier. A push above 98.40 would add more confidence to further rally. One of the probable reasons to turn bullish in the US Dollar Index is as follows: The drop from 103.00 through 95.70 is in 3 waves, hence corrective. The recent rally from 95.70 through 97.80 could still be a corrective Wave 4, but probabilities might be turning in favor of bulls. Looking at the immediate rally since 96.24 lows, the US Dollar Index might be on its way to print yet another high towards 97.20. This confirm bottom in place at 96.24.
Strategy:
Long against 95.70, targeting above 97.80, 100.00 and towards 103.00
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:
Long against 95.70, targeting above 97.80, 100.00 and towards 103.00
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.