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USD Index: More Gains in View

USD index made a nice pullback this summer to around 92.45 where market found  support and turned back above 96.00 confirming that the retracement from 100.64 was a corrective move, especially as the first leg was impulsive labeled as wave (1). As such, the move to 93.83 was only temporary and corrective, ideally wave (2) that is now complete so the uptrend is expected to continue within wave (3) above 100.80. A broken trend line this week and a move above wave (X) will be just another confirmation for a stronger USD in the coming weeks.

USD Index, Daily

usd index d

On the 4h chart, USD index made an impressive rise last week, clearly in an impulsive manner. We see an extended leg from 94.60, knowing such a structure is very common for third waves, so we expect further increase after any pullback. Usually the fourth wave will retrace back to the area of the former wave four, which means that we may see a pullback even to 96.20 this week from where a new turn up may be expected.

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!