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US Dollar Index USD - Elliott Wave Analysis

We believe that USD Index has now turned bullish after recent impulsive rise and breakout out of a downward channel. This breakout is important sign for a change in trend, even if just temporary. Based on a big picture with a triangle, we think that rise from 79.00 is wave D that will unfold in three legs towards 83 maybe even 84.00 region in weeks ahead.

Dollar Index Elliott Wave Daily

US Dollar Daily Chart

On 4h Chart USD Index is moving slightly lower for the last week or so, but price action is very slow so we believe that decline from the high is a contra-trend reaction labeled as wave (B)/ (2). We are already tracking a wave C) down now that is a final leg of a three wave set-back so traders must be aware of a reversal higher in this week. Nice support zone comes in at 80.30-80.60.

Dollar Index Elliott Wave 4h

US Dollar 4-Hour Chart

 


Written by www.ew-forecast.com

 

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