Trump caused a reversal yesterday, a very strong one on the FX board while US stocks stayed mostly sideways. Well, we are looking at intraday count of USD Index, where we see a clear three waves down; a perfect zigzag that can be trading near the reversal point, at 100.40. If we are correct, then a new turning point of FX is not far away.
USD Index, 1H
Crude oil has seen a nice bounce yesterday, which was quite strong but still not in five waves as another leg up is missing here on the hourly chart. So, for now, traders with bullish bias should be patient and wait on that fifth wave before we can confirm a bullish reversal. Once the five waves up are done, this market should be interesting for more upside this month.
Crude Oil, 1H