US Dollar Index might have unfolded Wave 2 as a triangle structure, which might have terminated around 100.47 levels yesterday. A drop below 99.00 would confirm that a meaningful top is finally in place at 100.47, Wave 2 on the chart here. Alternately, a push above 102.00 would threaten to test 103.00 and void the bearish structure. At the moment, we would favor a drop lower towards 94.65 at least, as Wave 3 unfolds. A drop below 98.27 would be encouraging to bears and add further confidence towards 94.00 handle. Overall, US Dollar Index continues to remain bearish below 103.00 handle.
Strategy:
Short against 103.00, targeting 94.00
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.
Strategy:
Short against 103.00, targeting 94.00
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.