US Dollar Index carves bottom around 93.80 levels
US Dollar Index had dropped to 93.80 levels yesterday before finding support. The index had bounced off from fibonacci 0.50 retracement of the recent boundary between 92.60/70 and 94.65 respectively. It is trading above 94.00 handle for now and might continue towards 96.00 levels to complete a 5 wave rally from 91.75. After the impulse wave is complete, we could expect a corrective drop at the same degree. Alternately, if US Dollar index drop through 93.50 before finding support it might indicate that Wave 3 is still in progress. For this to hold true, 92.70 should remain intact.
Remain long, stop @ 91.75, target @ 96.00
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 @ 91.75, target @ 96.00
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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