The US Dollar Index took out resistance at 94.80 yesterday with ease, as expected. At the moment, it is pulling back a bit and seen trading at 94.95/95.00 levels respectively. As long as prices stay above 94.40 levels, we could expect a push higher towards 95.70/95.00 levels. Looking at the wave structure, it can be assumed with more probability that the US Dollar Index could be carving out an expanded flat corrective rally which could extend up to 96.00 levels, going forward. With around 100 points of potential upside left for now, we would like to change our stance from neutral to short again. It could be a matter of time before wave C lower resumes.
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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.