The US Dollar Index has been testing the fibonacci 0.618 resistance of its recent downswing between 97.00 and 95.00 levels, around 96.20/30 levels for now. Ideally, the US Dollar Index is expected to turn bearish from current price action and push lower towards at least 94.00 levels, if not further. Looking at the wave counts, a lower degree wave ii (not labelled here), could be in the making, within the 5 waves drop as Wave (C) unfolds. If the above structure holds, prices should ideally remain below 97.00 levels and broadly below 97.71 levels, going forward. As an alternate though, a break above 97.71 would confirm that bulls are back again. We maintain the bearish bias for now, till 97.71 remains 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.