Dollar Index is gradually inching higher making overlapping structure. Looking at the ongoing structure and its reversal from the 98.34(25th Apr'19 high) there are 2 possible counts.
In the preferred scenario(Red Line), prices are likely to find support around 96.50 on further weakness and witness a sharp reversal towards 98.66 ahead of any significant fall.
The alternate scenario (Blue Line) shall hold below 98.34(25th Apr'19 high) on any initial price recovery and witness a sharp fall towards 93.10 ahead of resuming its long term bullish trend.
95.74 is the trigger level for the Alternate Scenario where the Preferred Scenario will become invalid.
In the preferred scenario(Red Line), prices are likely to find support around 96.50 on further weakness and witness a sharp reversal towards 98.66 ahead of any significant fall.
The alternate scenario (Blue Line) shall hold below 98.34(25th Apr'19 high) on any initial price recovery and witness a sharp fall towards 93.10 ahead of resuming its long term bullish trend.
95.74 is the trigger level for the Alternate Scenario where the Preferred Scenario will become invalid.
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