US Dollar Index looking to drop towards 92.60/65
US Dollar had completed an impulse wave between 92.15 and 93.40/50 over the last week. As it would ideally do, the index is carving a corrective drop towards 92.60/65 mark before resuming its rally. Please also note that 92.60/65 is also fibonacci 0.618 retracement of the above rally, hence a bullish bounce remains high probability. Looking at the probable wave structure, US Dollar Index might have carved Wave 1 through 93.40/50, while it is expected to terminate Wave 2 around 92.60/65. If the above is correct, we should witness a Wave 3 rally going forward.
Remain long, Stop @ 92.10, target is open
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 @ 92.10, target is open
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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