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Technical outlook:
The Daily chart for US Dollar Index confirms in at least 3 ways that a meaningful top might be in place at 95.50 levels, on June 21, 2018. First, a major past resistance at 95.14 was taken out; second, the wave counts labeled here shows that a 5 wave impulse at a higher degree is almost complete; and third, bearish divergence seen on the RSI during the potential 5th wave progress. A high probable trade direction should be a 3 wave corrective drop towards 91.00 levels going forward. For this to hold, prices should remain below 95.52 levels. On the other hand, if prices break above 95.50, it would indicate that wave (5) still has some room to push higher. Next resistance is seen at 98.00 levels, which is Fibonacci 0.618 resistance of the entire drop between 103.80 and 88.00 levels respectively.
Trading plan:
Aggressive traders remain short now with a stop above 95.52, the target is open.
Fundamental outlook:
There are no major fundamental events for the day.
Good luck!
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