US Dollar Index Indicates Potential Medium Term Top In Place?
The US Dollar 4H chart presented today might be indicating that the indice might have formed a potential top close to 97.00 levels and that a corrective drop could be progressing now. The intraday drop yesterday, could possibly be the first leg towards the corrective drop discussed. Also note that after termination of wave ((4)) (higher degree) around 95.00 levels earlier, the US Dollar Index pushed higher in an impulse wave as labelled here. If the above wave structure holds good, we could possibly see lower levels towards 95.00 levels at least. Ideally, prices could drop through 93.50 zone, as discussed earlier. The above scenario holds till prices stay broadly below 97.00 levels going forward.
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This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.