The US Dollar Index could be well on track towards 92.00 levels going forward, as Wave C progresses. It is safe to assume that Wave B terminated at 96.16 levels last week and ideally prices should remain below that. Looking at the overall wave structure as depicted here on the hourly chart as well, the US Dollar Index seems to have completed Waves A and B. If this count remains, we could see prices unfolding quickly lower as Wave C progresses. Also note that 96.16 could prove to be a meaningful resistance and all intraday rallies could be well capped below that. We maintain our medium term bearish bias as Wave C unfolds lower towards 92.00 levels.
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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.