US dollar Index had dropped below the 99.00 handle leaving room for further drop. Minor pullback towards 99.20 levels today could be a lower degree wave iv, before the index resumes lower again towards 98.50. This could be achieved intraday, possibly during the New York Session. Overall wave structure for US Dollar Index remains bearish until prices stay below 103.00 handle. Looking into the wave counts again, US Dollar Index had dropped from 103.00 through 98.27 earlier, Wave 1 on the chart. The subsequent sideways triangle constructed Wave 2 that terminated around 100.56. Since then, Wave 3 could be progressing lower towards 94.65 as lower degree waves unfold.
Immediate resistance is seen at 100.00, while interim support should come in around 98.50 levels respectively.
Strategy:
Short against 103.00, targeting 94.65 and lower.
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.
Immediate resistance is seen at 100.00, while interim support should come in around 98.50 levels respectively.
Strategy:
Short against 103.00, targeting 94.65 and lower.
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.