Elliott Wave Analysis: USD Index And AUDUSD

Gregor Horvat

On the intraday chart of USD Index we are looking at a big three wave move to the downside, with price specifically trading in the final leg c. Well, as we can see wave c is expected to consist out of five sub-waves, so one more push to the downside may be in the cards.

USD Index Hourly Chart

USD Index Hourly Chart

Intraday count on AUDUSD is showing us a nice rally in the making, probably wave a of a three wave rise that may follow in sessions ahead. Ideally this corrective rally will find some nice resistance around the previous swing high of wave four at the 0.7632 level. More weakness will be expected to follow this week.

AUDUSD Hourly Chart

AUDUSD Hourly Chart

Source: www.ew-forecast.com

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