US Dollar Index fell short of hitting 97.80 levels, which is fibonacci 0.382 retracement of wave iii. It seems to have terminated around 97.58 and turned lower again. The price action is diverging since EURUSD has managed to drop towards 1.1185 before bouncing back. This add to further probability for a continued drop towards 94.65 and further. Either way, US Dollar Index should remain below 99.00 to keep the impulse structure intact for Wave 3 lower. Structurally, the US Dollar Index had earlier dropped from 103.00 to 98.27 levels as an impulse, Wave 1 on the chart. Wave 2 drifted sideways and unfolded into a triangle before terminating around 100.56 levels. Since then, Wave 3 has been unfolding lower towards 94.65 and further.
Strategy:
Aggressively short against 103.00, targeting below 94.65.
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:
Aggressively short against 103.00, targeting below 94.65.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.