USD Index Trading In An Impulse Of A Higher Degree

Gregor Horvat

USD Index is showing us a nice example of the wave principle in motion, with price trading in an impulse of a higher degree, wave V. That said, specifically we see price undergoing a bullish rally from around the 99.00 region, where sub-wave four may have found some support. If that is the case, then slow and choppy movement is finished and more gains may step in play.

A break above the 102.21 level will confirm higher levels to follow into sub-wave five of V.

USD Index Daily Chart

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On the 4h chart of USD Index we have seen a deep decline over the past few months, clearly in three waves with recent push down to be wave C) that shows signs of a low near 98.0 area. Notice that market has turned nicely higher from there, clearly in impulsive price action which we see it as part of an uptrend so expect more upside after any near-term set-back, while price is above 98.83.

USD Index 4 Hour Chart

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Source: www.ew-forecast.com

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