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

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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