US Dollar Index is trading close to 93.25 levels around this time and is looking poised to break higher towards 93.40 levels. Please note 93.40 is the initial resistance and triangle termination and a break higher confirms a meaningful bottom in place at 92.15. The rally between 92.15 and 93.26 will also be the first wave towards a much deeper correction. After a break above 93.40, the index is expected to produce a counter trend/corrective drop towards 92.60 levels before resuming its rally. The index should be bought on dips, going forward.
Remain long, stop @ 92.10, target @ open.
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 @ 92.10, target @ open.
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.