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US Dollar Index heading lower towards 94.00

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TVC:DXY   美元指数
US Dollar Index might have carved Wave 2 as flat a-b-c, at 100.87 levels on Friday. An engulfing bearish candlestick pattern was formed after hitting 100.87 and price action followed lower since then. It is trading around 99.90 levels at this point in writing, and we expect further drop to 99.60 as immediate short term target. The wave counts suggest that the US Dollar Index has carved Waves 1 and 2 around 98.30 and 100.87 respectively. Also note Wave 2 terminated just below fibonacci 0.618 retracement of Wave 1, seen at 101.20 levels. Wave 3 has been underway now and should be targeting lower towards 94.65 and further. Structurally, US Dollar Index is bearish until prices hold below 103.00.

Strategy:

Short against 103.00, targeting 94.00.

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