US Dollar Index reversed higher from 95.78 lows yesterday
US Dollar Index is slipping lower from intraday highs at 96.32 and is trading around 96.13 for now. The index would remain bullish as long as 95.70 holds good, going forward. Even if prices drop below 95.70, it would be short lived and just a matter of time before bulls take control back. A push above 96.70 is required to confirm that US Dollar Index has bottomed, since it is initial resistance. We remain cautiously bullish for now and a break above 96.70 would instill further confidence. Looking at probable wave counts, a drop below 95.70 would confirm that US Dollar Index is pushing to complete an impulse wave lower from 103.00 highs. In that case, the US Dollar Index would turn sell on rallies.
Remain long, stop @ 95.50, target @ 100.56
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 @ 95.50, target @ 100.56
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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