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Elliott Wave Analysis: USD Index and AUDJPY
On USD Index we are observing a three wave pullback in the making, that is part of wave B/2 and can see support around the previous swing low of wave iv), where even Fibonacci ratios of 50.0 or 61.8 come in play. That said, a five wave rally higher would suggest that wave B/2 is over and that wave C/3 can be in play.
USD Index, 1H
AUDJPY is trading at the end of a bigger Elliott wave triangle pattern. The thing about triangle corrections is that they usually occur prior to the final wave, which means one more drop can follow on the pair. That said, we also need confirmation point of view that the pattern is fully unfolded, which means a five wave fall and a break below the previous wave D swing would be our confirmation.
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Also, check our latest video analysis on GBPUSD, EURUSD and USD Index. Click here https://www.youtube.com/watch?v=wRZgeCOo03E&feature=youtu.be