US Dollar Index remains a bit vulnerable holding 96.16 for now
The US Dollar Index has tested 96.16 levels again yesterday before pulling back. It could be forming a potential wedge and might push above 96.16, towards 96.50/60 levels before turning bearish again. However a failure to break above 96.16 levels, could trigger a huge sell off from current levels towards Wave C lower (93.80). Immediate price support is seen at 95.50 levels for now and a break lower would be a minimum requirement to confirm bearish momentum. Overall, we still maintain a medium term bearish outlook until prices stay below 96.16 levels.
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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.
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