US Dollar Index seeking support below 90.00

12 Şub 2021

US Dollar Index might be still unfolding a potential Wave C of an expanded flat and terminate below 90.00 levels. We have projected an alternate count that suggests a Wave 2 termination below 90.00 levels, before the uptrend resumes. US Dollar Index might have carved a potential bottom around 89.20 levels earlier and rallied through 91.60 levels to mark the beginning of a potential trend reversal. Bulls are expected to remain in control until prices stay above 89.20 going forward. Structurally, US Dollar Index seems to have carved Wave 1 around 90.40 and is unfolding Wave 2 as an expanded flat, which could terminate just below 90.00 mark. If the above holds well, a sharp Wave 3 rally awaits, towards 94.50 levels in the next few weeks.

Long against 89.20, towards 94.50.