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USD Index: More Gains in Sight

USD index made a nice pullback recently finding support at around 92.45, turning back above 96.00, and confirming the fact that the retracement from 100.64 was a corrective move. We see now a completed wave IV so gains are expected to continue through the upper side of a channel in September. Ideally, wave V will rally towards 103-106 by the end of the year.

USD Index, Daily

usd index daily

On the 4h chart, USD Index turned sharply up from 92.50 at the end of August, clearly in five waves which means that the dollar is back on a bullish track. That said, recent downward retracement was temporary, now already completed because of a nice bounce last week. We see a move out of a downward channel which means that more gains are coming. Price is now testing a neckline where strong breakout will put wave 3) in play towards 99 maybe even 100 area.

USD Index, 4h


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!