US Dollar Index drifting sideways before breaking lower to 94.65
US Dollar Index structure and price action remains constructive for bears since 103.00 highs. After dropping lower to 98.27 levels, Wave 1 on the chart; the index has remained within a trading range. Corrective waves are at times trick to be identified early on, and can take various forms. A probable wave structure could be that of a contracting triangle unfolding since 98.27 lows. In that case, prices will remain below 100.93 and break lower towards 94.65 going forward. Alternately, the index might rally and test 101.20 unfolding as a flat. Either way, US Dollar Index remains bearish against 103.00 levels.
Strategy:
Short against 103.00, targeting below 94.65
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 103.00, targeting below 94.65
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.