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US Dollar Index resumes lower towards 94.65 levels

TVC:DXY   U.S. Dollar Currency Index
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.

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