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Elliott Wave: After intermediate term correction, USD will begin a new uptrend

Today, I intend to show an overview on Elliott Wave analysis for USD Index daily chart (D1). The wave picture covers the period from early 2016 to the present time. I suppose that USD index is in an uptrend for long term. In intermediate term, after the leading diagonal (LD) wave model had ended at the top around 103.xx, USD followed a corrective consolidation within a Zigzag (ZZ) wave model.

Using Fibocacci Retracement tool, I expect the correction to target the 96.39 support at 61.8% FR level of the LD wave model. In short term, the USD index will be in a range bound between 98.50 – 100.15 before falling down to the target of 96.39. As soon as the correction finishes, the USD market will start for a new uptrend passing the top of 103.xx.

I highly appreciate the possibility that Fed will rise interest rates in the later half of this year. The expectation of higher Fed interest rates will support the price of the greenback to rise in long term.

By Jack Huyn

Please be informed that information I provide is for educational purposes only and not intended as investment advice. Information and analysis above are derived from utilising methods believed to be reliable, but I cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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