The US Dollar Index dropped to 96.65 levels yesterday while action was lacking in the currency segment. The index has now taken out initial price support at 95.65 levels and is pulling back higher, trading back higher towards 96.20 levels. The presented wave counts are indicating that the US Dollar Index could be preparing to drop lower towards 94.00 levels unfolding as an expanded flat or resume its down trend. Both the potential counts have been labelled here as (A)-(B)-(C) and alternate (A)-(B)-(C) respectively. It could be noted that in either way, the US Dollar Index remains poised to push lower towards 94.00 levels at least. Immediate price resistance is seen at 97.10 levels while support is below 95.00 levels respectively.
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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.