Elliott Wave Analysis On USD Index And German DAX
USD Index
The USD was down sharply last week after dovish comments by Janet Yellen last Tuesday. We have seen a nice decline on USD Index to around 94.30 but only three waves bounce occurred from that low so more weakness can be seen in days ahead. Ideally market will look for a bottom around 94.00, unless the 95.10 and trendline resistance are broken. In that case we will look for a bullish turn.
USD Index, 1h
Click to Enlarge
German DAX
German DAX has already three waves down so index could actually be turning bullish, but maybe not yet if we consider that E-mini S&P500 is trading at resistance near 2083 . As such, we are wondering if DAX can be in a complex downward correction that will continue after wave X) fills the gap near 9970.
German DAX, 1H
Click to Enlarge
http://www.ew-forecast.com/service
Find more: Contributing Authors
