US Dollar Index is seen to be trading close to 97.50 as we publish this short update and might have carved a higher low yet again around 97.22 today. The index could be preparing for a sustained rally and a break above 98.50 would confirm, since the trend line resistance would be broken. Also note that the drop from 103.00 until 95.72 has been in 3 waves, hence corrective. Immediate resistance stays at 100.56, the triangle termination, and a break above that would confirm bulls are back in control. We are changing our stance from bearish to bullish at least until US Dollar stays above 95.72 handle.
Strategy:
Long against 95.70, targeting above 103.00
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Long against 95.70, targeting above 103.00
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.