US Dollar Index carves potential bottom around 91.75 ?
US Dollar Index had pushed through fresh lows around 91.75 today before reversing. It is trading back above 92.00 handle as we prepare this update. The index seems to have completed 5 waves drop since 103.00 highs in March 2020. If the above proposed counts are correct, bulls might be setting up for a rally through 94.00 and beyond over the next few weeks to come. A break above 94.00 would be considered constructive for bulls, going forward. Aggressive traders might want to remain long for now.
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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.
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.
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