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Technical outlook:
The US Dollar Index has rallied and tested recent highs at 95.53 today early session before reversing lower. The index is seen to be trading at 95.18 levels at present, and also should be looking to continue drifting lower from here. The Daily chart view presented here suggests that a meaningful top might have already been in place and if that is the case then we are going to witness a major selloff in the form of retracement soon. On the other hand, a sustained push above 95.53 levels would delay the correction further. The high probability remains for a corrective drop from here, also the candlestick pattern for today is looking like an ideal shooting star which is mostly followed by a bearish reversal. The wave counts also suggest that wave (4) might have completed or it is wanting to take a complex form and print lower as shown above.
Trading plan:
Aggressive traders would like to remain short, stop above 95.70, target 92.50 at least.
Fundamental outlook:
Watch out for USD/GDP figure out at 08:30 AM today.
Good luck!
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