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USD Index: Bulls Expected To Push Prices Higher

USD index is expected to reach new highs after another sharp advance last week, which looks like a continuation within the impulsive wave (3). As such, the current type of bullish leg can be seen next week as well, when market will break above 100 psychological level. After that market will make  room for a move up to the 104.00-105.00 projected area; 138.2-161.8% Fibonacci extension of wave IV.

USD Index, Daily

usd index d

On the 4h chart, USD Index broke sharply higher on Friday and finished the week at the highs, indicating a continuation within the uptrend. We see a price action in the middle of the black extended wave 3 that could rally up to the 100 psychological level this week, or even to 101.00. In the meantime, the price action must remain above the 98.00 level; any fall beneath this price will require an update.

USD Index, 4H

usd index 4

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!