US Dollar Index could pullback up to 96.30 before drop resumes

Jan 29, 2019

The US Dollar Index managed to print yet another intraday low at 95.64 levels yesterday and continues to remain under the control of bears for now. The lower degree wave counts (1 hour) are suggesting that an impulse (5 waves) drop could be complete from 96.68 through 95.64 levels. We could witness a 3 wave corrective rally towards 96.30 levels which could take 1-2 days to terminate, before the drop resumes further. Looking at the higher degree counts, a Wave (C) lower is on its way against highs at 97.71 levels print during around mid December 2018. If the above counts hold true, bears could push prices lower towards 94.00 levels at least and also up to 92.00 levels going further. Ideally, the US Dollar Index should remain below 96.68 levels from here.


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.