U.S. Dollar IndexShort
US Dollar Index potential bottom in place around 92.15
US Dollar Index seems to have terminated its 5 wave drop from 103.00 levels towards 92.15. Further, the index is looking poised to push through initial resistance around 93.40, which would complete its impulse rally from 92.15. It would be a confirmation of the beginning of a much deeper correction, if not a trend reversal. Bulls might be looking to target 94.00 and 98.00 levels going forward. It would be a safe trading strategy to buy on dips after 93.40 is taken out.
Remain long, stop @ 92.00, targeting 98.00 and higher.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain long, stop @ 92.00, targeting 98.00 and higher.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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