The US Dollar Index has reversed lower after printing highs at 97.71 levels last Friday. It has also produced an engulfing bearish candlestick pattern on the daily chart yesterday indicating a potential bearish reversal ahead. It is seen to be trading around 97.13 levels at this moment in writing and a break below 96.36 levels would confirm and accelerate further downside. Looking into the wave structure, the US Dollar Index seems to be carving out an expanded flat (A)-(B)-(C)? as labelled on the chart here. Waves (A) and (B) seem to be already in place at 93.81 and 97.71 levels respectively. If the above structure holds to be true, we could witness a sharp drop towards 93.80 levels at least and even further, as Wave (C) unfolds into 5 waves, going forward. Ideally prices should stay below 97.71 levels, if the above structure has to 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.