US Dollar Index might have carved a bottom around 95.70/80 on June 10, 2020. The potential wave counts are looking simple and clear as follows. The rally from 95.70 through 97.45 could be Wave 1. The subsequent drop towards 96.40 is potential Wave 2. If the above counts are correct, US Dollar Index might be on its way to unfolding Wave 3 towards 100.00 and higher up. The index could drop to 97.00, which is fibonacci 0.618 support of the recent up swing before accelerating higher again. The index remains good to buy on dips with risk below 95.70.
Remain long stop @ 95.50, target @ above 100.00
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.
Remain long stop @ 95.50, target @ above 100.00
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.