• 6 hours Gold Is Beating Buffett’s Berkshire Hathaway
  • 9 hours What’s Behind The Silver Sell-Off?
  • 12 hours The Retail Apocalypse Is Accelerating
  • 15 hours The Top Tech Stocks Of The Year
  • 1 day America’s Workforce Elderly Workforce To Double By 2028
  • 1 day Toyota Tests Solar-Powered Prius
  • 2 days Why The Gold Rally Flatlined
  • 2 days The Uranium Sector Can’t Catch A Break
  • 3 days Upcoming Fed Meeting Has Investors On Edge
  • 3 days Global Gold Sector Outlines Responsible Mining Principles
  • 4 days China’s Giant Vampire Fund Loses $120B
  • 4 days McDonalds To Roll Out Robot Drive-Thru Clerks
  • 5 days Savvy Investors Are Betting Big On This Little Data Company
  • 5 days How The Government Is Wasting Tax Money This Year
  • 5 days Supply Concerns Halt Expansion On Tianqi Lithium Plant
  • 6 days The World’s Biggest IPO Is Almost Here
  • 6 days The Relatively Of Money And Happiness
  • 6 days Wall Street Unfazed By Recession Fears
  • 7 days SoftBank Urges WeWork To Pause IPO Plans
  • 7 days Anti-Aging Market To Hit $55 Billion
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

  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