US Dollar Index had rallied past 100.47 levels on May 11, 2020 before reversing lower. We have adjusted the triangle termination according to price action on the chart here. Earlier, the index had dropped from 103.00 through 98.27 levels, Wave 1 on the chart. Since then, a triangle structure has been unfolding, which completed around 100.47, Wave 2 on chart. If the above counts hold well, US Dollar Index should remain below 100.47 and continue lower towards 98.70 (short term) and 94.00 levels respectively, as Wave 3 unfolds. Intraday resistance should come in around 100.10 and a drop below 99.00 would be encouraging for bears. Overall structure continues to remain bearish until 103.00 resistance is in place. Selling on rallies favored for the US Dollar Index.
Strategy:
Short against 103.00, target is 98.50/60 (short term) and 94.00
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:
Short against 103.00, target is 98.50/60 (short term) and 94.00
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.