US Dollar Index has retraced as expected and found support right around 96.90 levels. The index marginally dropped lower before pulling back sharply, as it trades back above the 97.00 level. The short term counts are as follows: The rally from 95.70 through 97.45 could be marked as Wave 1 and the subsequent drop 96.40 as Wave 2. If the above holds, US Dollar Index is on its way towards 100.00 and above as Wave 3 unfolds. Further, the index might have carved lower degree sub waves i and ii within Wave 3 at 97.80 and 96.80 respectively. Also the index has bounced off fibonacci 0.618 support and the rising trend line. Higher from here.
Remain long, stop @ 95.70 target @ 100.00 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 @ 95.70 target @ 100.00 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.
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.