US Dollar Index Remains Bearish Against 103.00 handle..
The US Dollar Index might have carved a meaningful top at 103.00 levels on March 19, 2020. Looking at the wave structure since then, the index has managed to carve Waves 1 and 2 at 98.27 and 100.90 levels respectively. This could be the beginning of a 5 waves drop at one higher degree, which could drag prices lower below 94.65 at least. Wave 2 has managed to retrace up to fibonacci 0.50 of Wave 1, around 100.90 and reversed lower. Potential remains for the rally to push through 101.20/30 before giving in to bears again. The overall structure is expected to remain bearish until prices stay below 103.00 levels, going forward. US Dollar Index could drop sharply below 94.65, as Wave 3 unfolds.
Strategy:
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:
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.