Elliott Wave Analysis: USD Index Impulsively Getting Stronger And Reaching New Highs
USD index was in a big sideways pattern unfolding since start of 2015; slow and overlapping price action with a personality of a contra-trend movement that now looks completed based on a five wave development up from the 91.90 level that can be a leading diagonal in wave 1-circled. If that’s the case, then recent pullback was sub-wave 2) that appears completed at 95.84, near lower support line of an upward channel. As such, trend remains in bullish mode now for wave three that has reached the first target near 101.00, but ideally dollar will move much higher in weeks ahead.
USD Index, Daily
USD index is in a strong uptrend since US elections, a clear impulsive structure on 4h chart that belongs to a bigger wave five from a weekly time frame. As such, we see index headed up to 103-105 area in the next few weeks after any corrective move. At the moment, we see slow price action above 100.60; so it’s wave four that is now pointing higher into wave five.
USD Index, 4h
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