The US Dollar Index is finally seen to be giving in to bears after consolidating for several trading sessions. It is seen to be trading around 95.12 levels for now after printing intraday lows at 95.03. Please note that immediate price resistance on the daily chart is now at 97.00, while support is seen at 94.87 levels respectively. Looking at the wave structure at a higher degree, the US Dollar Index is probably unfolding into an expanded flat (A)-(B)-(C), after having rallied from 88.30 to 97.00 levels in 5 waves. If the above structure holds, the index could continue dropping lower towards 94.00 levels at least. As an alternate though, if a triangle is unfolding, support should come around the current price action close to 95.00. We had initiated short positions from 97.10 levels again and risk can be reduced to those levels for now.
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This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.