US Dollar Index might drop through $89.70
US Dollar Index had rallied through 90.70 mark as expected and discussed earlier. The index might have carved Wave A and B of a corrective A-B-C structure since 91.60 highs earlier.If correct, the index is preparing to drop towards $89.70 levels from here to terminate Wave C of the proposed corrective drop. It would be Wave 2 termination of a complex correction, giving way for a Wave 3 rally towards 94.50 and higher. Alternately, it is also possible that US Dollar Index is heading lower below 89.20 by unfolding 5 waves lower from here. We keep the bullish count intact for now.
Long against 89.20, towards 94.50
Long against 89.20, towards 94.50
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.