Technical outlook:
The US Dollar Index daily chart view has been presented again with proper wave counts since January 2017. The big picture clearly reveals that the index has nearly completed 5 waves lower since it made highs at 103.80 levels on January 03, 2017. Furthermore, the pair is just into its potential last wave at the moment and could push lower one last time before terminating the same. Various counts are possible for wave 4 to terminate; it could be a triangle or an expanded flat before 5th wave begins. But if the 4th wave has already terminated around 90.60 levels, then 5th wave into progression can unfold into a diagonal as well. As the waves unfold, we shall bring an update soon. Immediate resistance is seen around 90.60 levels, while interim support is seen around 87.90 levels.
Trading plan:
Please look for opportunities to buy lower around 87.00/88.00.
Fundamental outlook:
Watch out for ECB president Draghi's speech today at 0900 AM EST.
Good luck!
