US Dollar Index might have completed its counter trend rally towards 100.00 and has resumed lower again. Today's intraday high was registered at 99.98, before the index reversed. Earlier, the US Dollar Index carved a bearish drop between 100.56 and 99.00 levels respectively. It has now managed to produce a counter trend rally towards fibonacci 0.618 of the above drop around 100.00 levels. A bearish turn here, should drag prices lower towards 97.50 at least and ideally towards 94.65 levels as Wave 3 progresses further. The US Dollar Index has already carved Wave 1 and 2 around 98.27 and 100.56, as labelled on the chart here. Wave 2, unfolded as a potential triangle and terminated around 100.56. Since then, Wave 3 seems to be unfolding and ideally prices should stay below 103.00 to keep the bearish structure intact.
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.