US Dollar Index has been drifting sideways after hitting 97.15 levels yesterday. Please note that index had hit the backside of past support trend line, which acts as resistance now. After spending the last 24 hours into sideways consolidation, US Dollar Index might be wanting to attempt another high around 97.20/30 now. A break above 97.36 would confirm that bulls are back in control, as they take out immediate resistance. Immediate support is seen towards 96.40, followed by 95.70 respectively. The potential wave counts are as follows: The rally from 95.70 through 97.40 is Wave 1, followed by Wave 2 around 95.40. If the above is correct, Wave 3 is underway towards at least 100.56, if not any further.
Remain long, stop @ 96.00, target @ 100.56 and higher.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain long, stop @ 96.00, target @ 100.56 and higher.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.