USD Index: Bullish Momentum Is Expected To Continue

By: Gregor Horvat | Thu, Nov 12, 2015
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USD index is definitely ready to reach new highs soon after another sharp move up last week which looks like a continuation within impulsive wave (3). As such current type of bullish leg can be seen next week as well when market will break above 100 psychological level. After that market will make a room for move up to 104.00-105.00 projected area; 138.2-161.8% Fibonacci extension of wave IV.

USD Index, Daily

US Dollar Index Daily Chart

On the 4H chart, USD Index broke sharply higher last week and finished the week at the highs which indicates a continuation within uptrend. We see price in the middle of a black extended wave 3 that can rally up to 100 psychological level this week, or even to 101.00. In the meantime price must remain above 97.88 level; any fall beneath this price will require an update.

USD Index, 4H

US Dollar Index 4-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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