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Expect more USD strength in the next days – Elliott

The USD Index is moving up after a nice bounce on Friday from our first highlighted technical support near 96.80. That said, more USD strength will likely follow this week across the board, but we would love to see an hourly trendline resistance broken to confirm the bullish price action towards 98 and even higher.

USD Index 30min Elliott Wave Analysis

DXY Elliott Wave Analysis June 1 2015 technical chart for currency trading

USDCAD is sideways at the moment, but we see a continuation pattern unfolding in wave 4). It can be a triangle with subwave D in play, so be aware of a break above 1.2540 after wave E that will likely complete the path in the next 24 hours.

USDCAD 1h Elliott Wave Analysis

USDCAD Elliott Wave Analysis June 1 2015 technical chart for currency trading

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.