The US Dollar Index is seen to be trading around 96.49 levels at this point in writing, probably looking to push below 96.00 and further. Please note that intermediary support comes in at 96.00 levels and a break below that would be required for bearish momentum to continue. Looking at the wave counts, a higher degree corrective (A)-(B)-(C) drop could be still unfolding as an expanded flat or a triangle. In either case, a drop towards 95.00 levels could be expected before it turns higher again. Also please note that 97.70 levels is resistance for now and prices need to stay below that for the above structure to hold. The medium term bearish structure remains intact until prices stay below 97.70 levels.
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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.