US Dollar Index might have managed to carve a meaningful bottom around 95.78 mark. A break above 96.70, which is immediate resistance, will confirm a bottom is in place as the index would also break above its immediate resistance/down trend line. The wave structure still looks constructive for bulls as they have managed to hold above 95.70 lows, unlike the EURUSD which has print fresh highs towards 1.1450. This is also a divergence scenario and indicates a potential trend reversal ahead. Potential wave counts suggest that the drop from 103.00 is still corrective and bulls might be again to regain control back.
Strategy:
Long against 95.70, targeting 103.00 and higher
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 103.00 and higher
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.