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The FOMC Meeting Minutes are published today, so it will be very interesting to see what they have to say after the very bad NFP data on Friday. As the meeting was held before the data had become known, the minutes could sound hawkish and be bullish for the buck.

I am a fully technical trader, so I trust only charts and price action. On the USD Index we are looking for the price which is in the middle of a triangle, so both scenarios are still possible. I however favor a bullish one, which shows a completed fourth wave, but we need to see break above 99 level to confirm this view.

USD Index 1h Elliott Wave Analysis Count#1

DXY Dollar Index Elliott Wave Analysis technical outlook April 8 2015  1

USD Index 1h Elliott Wave Analysis Count#2

Dollar Index Elliott Wave Analysis technical outlook April 8 2015 2