The US Dollar Index
has been testing resistance zone
between 95. 40
and 96.00 levels respectively. Looking at the wave counts (lower degree), it is quite possible that the last wave of expanded flat might have terminated at 95.30/ 40
levels yesterday. If this holds true, we could see a sharp
decline from current price action. As an alternate count, the expanded flat could terminate through 95.50/96.00 zone (above previous high at 95.70 levels earlier). In either case, a potential bearish
reversal could resume any moment from the above price levels. Please note that the potential of a sharp
rally from 93.90 levels earlier is now looking near to complete. It could be a safe trading strategy to remain/add short positions between 95.50/96.00 levels. A medium term bearish
reversal could be on its way soon.
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