US Dollar Index remains poised to push one last time towards 97.80 handle before giving in to bears. The fibonacci 0.382 retracement of recent drop between 100.00 and 95.70 (lower degree wave iii), is also seen around 97.80. Hence probabilities remain high for wave iv to terminate around 97.80/98.00 handle. Thereafter, the index should reverse lower towards 94.65 and further. The overall structure still favors the following wave counts: US Dollar Index had dropped from 103.00 through 98.20 as an impulse, Wave 1 on the chart. Wave 2 unfolded as a triangle structure and terminated at 100.56. Since then, a similar degree Wave 3 might be underway towards 94.65 and further. Within Wave 3, lower degree wave iv could reach 97.80, before reversing lower as wave v unfolds.
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.