As the story continues to unfold on hourly chart depicted here, the US Dollar Index seems to be a candidate to be sold on rallies. The index is said to be trading around 95.14 levels at this point in writing, and could be looking to test 95.60/80 levels before the drop continues further. As an alternate, the index could be seen dropping towards 94.50/60 levels first, before producing a meaningful corrective rally. In either case, it could be a safe trading strategy to remain short and also look to add further during intraday rallies through 95.60/80 levels. Ideally, until prices stay below 96.16 levels, one can expect the short term bearish count to remain intact.
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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.
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.