The US Dollar Index could be looking to produce a counter trend rally that may last for 1-2 trading sessions, after having made lows at 95.62 levels yesterday. The hourly counts might be suggesting that an impulse drop could be through from 96.68 to 95.62 levels since Friday. Ideally, a 3 wave corrective rally should be the next probable move, which could terminate between 96.00 and 96.30 levels, which are fibonacci resistance levels. For this short term structure to hold true, prices should remain below 96.68 levels going forward. A bearish reversal around 96.30 levels could be considered as a potential short opportunity, which can drag the US Dollar Index lower up to 94.00 levels going forward. Overall medium term outlook remains bearish until 97.00 levels remain intact.
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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.