The US Dollar Index reversed from 97.20 highs on Friday and is now seen to be trading around 96.85 levels. It is quite possible that the index has carved yet another lower high at 97.20. A push below 96.00 is now required to accelerate further lower. Also, 97.70 should remain intact for the medium term bearish structure to hold good. Looking again towards the wave counts, after having completed 5 waves rally at 97.00 levels, the US Dollar Index could be unfolding a corrective drop (A)-(B)-(C). At the moment, we are going with an expanded flat probability and if this holds good, Wave (C) could terminate close to 94.00 levels going forward. In the event of a triangle, prices could find support close to 95.00 levels. Overall, the medium term bearish structure remains for now.
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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.