USD Index - Two Scenarios, Both Bullish - Elliott Wave

USD Index – Two Scenarios, Both Bullish – Elliott Wave

Today, markets are waiting the all-important NFP release. A strong reading could stimulate the Fed to raise rates in its upcoming meeting. In this case, the USD is likely to rise sharply against major currencies, particularly the EUR which is the weakest, since Draghi announced he is open for more QE if required.

Technically speaking, we are tracking two counts on the USD Index, prepared on different short-term scenarios, but both are bullish for mid-term direction. On the first count, I am looking straight up into wave (v) towards the 97.00 area. If it breaks today, with a daily close price around it, then this will be a strong indication for more USD gains next week.

On the second count, I am looking at the flat in wave (2), which could come in play if the NFP data disappoints, which will likely be bearish for the buck, but not for long. On that count, we assume that the price will find a support around 95.00, early next week.
USD Index 1h- Elliott Wave Analysis #count 1

USD Index 1h- Elliott Wave Analysis #count 2

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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