The US Dollar Index
is finally seen to be giving in to bears after consolidating for several trading sessions. It is seen to be trading around 95.12 levels for now after printing intraday lows at 95.03. Please note that immediate price resistance on the daily chart
is now at 97.00, while support is seen at 94.87 levels respectively. Looking at the wave structure at a higher degree, the US Dollar Index
is probably unfolding into an expanded flat (A)-(B)-(C), after having rallied from 88.30 to 97.00 levels in 5 waves. If the above structure holds, the index could continue dropping lower towards 94.00 levels at least. As an alternate though, if a triangle is unfolding, support should come around the current price action close to 95.00. We had initiated short positions from 97.10 levels again and risk can be reduced to those levels for now.
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