US Dollar Index might be completing its first leg @ 97.36
US Dollar Index might have completed its first wave around 97.36. High probability remains for a drop again towards 97.00/10 before resuming its rally. The index remains a buy on dips from here on. The wave counts are as follows. The rally from 95.70 through 97.50 as Wave 1, followed by a corrective drop towards 96.40 as Wave 2. Wave 3 might be in progress since then, and could be looking to push above 100.00 in the short term. Please note if the above counts are correct, Wave 3 should terminate above 103.00. For now, expect a dip towards 97.00/10, before the rally resumes.
Remain long, stop @ 95.70, target above 100.00 short term.
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 @ 95.70, target above 100.00 short term.
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.