US Dollar Index Wave 2 complete around 92.69 ?
US Dollar Index trades around 93.24 for now and a push through 93.65 would confirm that a bottom is in place around 92.69, potential Wave 2 here. In case of a bearish turn from here, the index would drop lower towards 92.40/50 before turning higher again. Having said that, it is always safe to remain long in the US Dollar Index with risk below 91.75 mark. Probabilities for a drop towards 92.40/50 remains high since it is also fibonacci 0.618 retracement of the earlier rally between 91.75 and 93.65 respectively. Overall, it is good to buy on dips from here.
Remain long, stop @ 91.40, 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, stop @ 91.40, 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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