Elliott Wave Analysis: USD Index, EURUSD And USDJPY

Gregor Horvat

USD remains on a bearish foot for now, with USD Index still searching for end of a corrective set-back in wave 4) which may happen near 100.60 level this week. At the same time, EURUSD is pointing higher, up to 1.0730 based on our latest wave count which shows an ending diagonal in wave V of 4). If we are correct, then bulls should not exceed 1.0800! So as long that price is not breached we will look for evidences of a strong bearish turn.

USD Index 4 Hour Chart

USD Index 4 Hour Chart

EURUSD Hourly Chart

EURUSD Hourly Chart

USDJPY is also falling, now trading close to 113.00, where Fibonacci levels may cause a turn, based on our recently updated wave count, which shows fifth wave down in an ending diagonal of wave C of Y) of 4. An impulsive bounce from there will be needed with a recovery back above 114.30 to confirm a bullish reversal. I am still waiting on bottom to be formed on this one, to look for potential longs.

USDJPY Hourly Chart

USDJPY Hourly Chart

Source: www.ew-forecast.com

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