The US Dollar Index structure remains more or less unchanged from what we had discussed last week. It is seen to be trading around 96.50 levels at this point in writing and is expected to drop lower at least towards 95.65/70 going forward. Looking into the wave structure, we have presented a potential ending diagonal for the (5) th wave of the impulse rally that began from 88.30 levels. If this count should hold true, the US Dollar Index should remain below 98.10/15 levels. An aggressive strategy could be to remain short from last week, against 98.15 levels, with potential targets below 95.65 (break of the first major price support). As an alternate, if 98.10/15 levels break, the diagonal structure would be void and indicate further upside (probabilities remain less for the latter scenario, though)
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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.