Elliott Wave Analysis: Bulls Pushing USD Index Higher
USD index is in a strong uptrend since the US elections, a clear impulsive structure on the 4h chart that belongs to a bigger wave five from a weekly period. Recently as we can see, price looks to have been undergoing a complex correction know as a double zig-zag that found some support at the 99.44 level, from where price turned strongly bullish the past week. As such more upside could now follow on the USD Index within a higher impulsive wave.
Now we can see price trading significantly higher at the 103 level out of the previous wave 2 correction, that seems to have found its support at the 100.73 level. That said more gains may follow next week, as we still need to see two sub-waves to unfold within the new impulse that is taking place. The projected target for the unfolding impulse is at the 161.8 Fibonacci ratio, from where bulls may slow down and a minimum three wave reversal may come in play.
USD Index, 4H
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