US Dollar Index has come back very strong after reversing from 89.70 mark over the last week, surprising many a traders. It has also managed to take out interim resistance at 91.05 levels today, hence potential remains for a corrective drop lower towards 90.00/20 mark, before resuming higher again. Wave structure reveals that Waves 1 and 2 might be in place around 90.95 and 89.70 respectively. If correct, Wave 3 might be underway towards 94.50 and higher from here. If correct, the index should stay above 89.70 going forward.
Remain long against 89.20, towards 94.50 and higher.
Remain long against 89.20, towards 94.50 and higher.