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US Dollar Index could drop through @ 92.30/40
US Dollar Index is producing a corrective drop after printing highs at 93.65 last week. The rally between 91.75 and 93.65 was an impulse, confirming that bulls are here to stay for long. Since 93.65 highs, the indice has been producing a corrective wave that could potentially terminate around 92.30/40 mark. It is also the fibonacci 0.618 retracement of the previous rally between 91.75 and 93.65. It is just a matter of time before bulls are back in control pushing prices through 94.50 and higher. Good to buy on dips.
Remain long for now, stop @ 91.50, target is open.
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 for now, stop @ 91.50, target is open.
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.
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