The US Dollar Index popped up by a few points above the resistance zone 95.60/80, and touched 96.00 levels before pulling back. The story still remains constructive for bears, till prices stay below 96.16 levels going forward. Looking into the medium term wave counts, the US Dollar Index could be on its way towards 93.80 and lower levels as Wave C progresses. Also note that short term wave counts are suggesting that a lower degree wave i and ii might already be in place at 94.80 and 96.00 levels respectively. An alternate count could be a re-test of 96.16 levels, before giving in to bears again. Overall, the medium term bearish structure prevails until prices stay below 96.16 levels.
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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.