US Dollar Index close to taking out 93.50
US Dollar Index continues to push higher as bulls remain poised to clear 93.50 initial resistance. This would register their presence and confirm a meaningful bottom in place around $91.75 levels. Also note that the first potential impulse wave would also be complete as bulls take out 93.50 from here. As a general guideline, US Dollar Index would be preparing to produce a counter trend soon. The fibonacci 0.618 retracement is seen close to 92.20/30 and probabilities remain high for a bearish turn. Good to sell on rallies from here.
Remain long, stop @ 91.00, target is open.
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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 @ 91.00, target is open.
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.
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