• 11 hours $15,000 For Your Crypto’s Ticket To Visibility
  • 1 day The Next Fashion Frontier
  • 2 days What Is Africa’s Role In The New Silk Road?
  • 3 days Trump Was Right About The Dollar
  • 3 days Is Silver Gearing Up For A Rally?
  • 3 days World’s Largest Hedge Fund Turns Bullish On Gold
  • 4 days It’s Time To Spend More On Clean Energy R&D
  • 4 days Contrarian Investors Are Beating The Stock Market
  • 4 days Bulgaria’s Revenue Agency Falls Victim To Biggest Cyber Heist In History
  • 4 days Amazon Faces European Union Anti-Trust Probe
  • 5 days Commodities Are Having A Stellar Year
  • 5 days Bezos’ Next Big Project Could Be Worth $100 Billion Per Year
  • 5 days 3,600 Years Later, Climate Change Turns Mammoths Into $40M Market
  • 5 days Tesla, Apple Claim China Is Stealing Intellectual Property
  • 6 days EV Giants Duke It Out For Battery Dominance
  • 6 days Tech Billionaire Takes Aim At Google
  • 6 days Chinese Police Bust Largest Ever Illicit Crypto Mining Operation
  • 6 days Expect A Pullback Before Gold's Next Major Rally
  • 7 days Why Interest On Gold Matters
  • 7 days Ten Extravagant Food Items For The Wealthy Only
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…

  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