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More USD Weakness In This Week? – Elliott Wave Analysis

We have seen a very strong risk-on reaction at the end of the past week, following the EU Summit, when the US dollar moved lower across the board as commodities and stocks found buyers.

When analyzing the markets, it is important to respect this kind of a reaction which usually shows a clear direction for the next few days of trading.

With this being said, it would not be surprising to see more bearish pressure on USD in this week.   But also keep in mind that the larger time frame still suggests that the current pull-backs are temporary and that larger uptrend on the buck will continue, but not yet. Video:

Guest post by Gregor Horvat

To find out more please make sure to check latest video analysis shown below. (S&P500, TLT, Crude Oil, EurUsd, AudUsd, GbpUsd)

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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!