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USD Index waiting for the big breakout – Elliott Wave

The FOMC Meeting Minutes are published today, so it will be very interesting to see what they have to say after the very bad NFP data on Friday. As the meeting was held before the data had become known, the minutes could sound hawkish and be bullish for the buck.

I am a fully technical trader, so I trust only charts and price action. On the USD Index we are looking for the price which is in the middle of a triangle, so both scenarios are still possible. I however favor a bullish one, which shows a completed fourth wave, but we need to see break above 99 level to confirm this view.

USD Index 1h Elliott Wave Analysis Count#1

DXY Dollar Index Elliott Wave Analysis technical outlook April 8 2015  1

USD Index 1h Elliott Wave Analysis Count#2

Dollar Index Elliott Wave Analysis technical outlook April 8 2015 2

Gregor Horvat

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!