For Traders

Analytical Reviews

Trading plan

18.07.201907:36 Forex Analysis & Reviews: Trading plan for US Dollar Index for July 18, 2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook:

The US Dollar Index has dropped lower as expected and discussed earlier. It is seen to be trading close to 97.00 levels at this point in writing. Traders are expected to book short-term profits on short positions taken earlier. Looking into the wave structure, the rally from 95.80 through 97.60 levels turned out to be in 5 waves, hence another high above 97.60 remains a high probability. It remains to be seen if prices manage to push through higher levels from current price action or from 96.50 levels. Interim resistance is seen at 97.60 for now while support is seen strong at 96.00 levels respectively. Aggressive traders may want to remain short but please note to bring stop loss close to break even levels.

Trading plan:

Aggressive traders remain short, bring stop close to break even.

Conservative traders take profits on short positions and remain flat.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.