US Dollar Index has dropped to 98.03 levels today as we publish this short term update. The medium term outlook remains bearish as Wave 3 progresses lower towards 94.65 but intraday pullbacks remain possible. The index might pullback towards 99.25/30 before continuing lower again. Lower time frames are indicating a bullish divergence on the RSI as prices continue to drop. A retracement towards 99.25 would be healthy for the next leg to resume lower again. Ideally, US Dollar Index should stay below 100.56 handle, the Wave 2 triangle termination. Overall structure remains bearish as a meaningful top seems to be in place at 103.00, going forward.
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.