• 270 days Could Crypto Overtake Traditional Investment?
  • 275 days Americans Still Quitting Jobs At Record Pace
  • 277 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 280 days Is The Dollar Too Strong?
  • 280 days Big Tech Disappoints Investors on Earnings Calls
  • 281 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 283 days China Is Quietly Trying To Distance Itself From Russia
  • 283 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 287 days Crypto Investors Won Big In 2021
  • 287 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 288 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 290 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 291 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 294 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 295 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 295 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 297 days Are NFTs About To Take Over Gaming?
  • 298 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 301 days What’s Causing Inflation In The United States?
  • 302 days Intel Joins Russian Exodus as Chip Shortage Digs In
  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: USD Index Wants A Piece Of A Bullish Run

USD index was in big sideways pattern unfolding since start of 2015; slow and overlapping price action with a personality of a contra-trend movement that looks completed. We see it partly as a flat correction in black wave IV; a three wave structure where final wave C should be made by five waves. Well, we have seen a nice decline from November of 2015 counted in five legs, but as an ending diagonal as shown on a daily chart. That's a reversal pattern that already caused a strong bounce in May, so ideally recent turn down was just a temporary pullback within a new ongoing uptrend labeled as blue wave 2-circled.

That said we are now looking at a bullish scenario, with more upside to follow into blue wave 3 to around the 138.2 or 161.8 Fibonacci projected zone. If for any reason price will break beneath the 95 area, then the correction in blue wave 2-circled will be back in play.

USD Index, Daily

US Dollar Index Daily Chart

On the lower time frame we can see that USD index is back at the highs as EURUSD broke lower last week, so we see index back in bullish mode. An updated wave structure on 4h shows idea of an extended wave 3) headed up to 99.00 area this month.

USD Index, 4H

US Dollar Index 4-Hour Chart

 


Visit our website and Get more charts and forecasts with free access through 14-Day Trial Offer: www.ew-forecast.com You can also follow us on twitter @ewforecast

 

Back to homepage

Leave a comment

Leave a comment