Elliott Wave Analysis: USD Index Impulsively Getting Stronger; Temporary Pullbacks In View

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USD index fell sharply during US elections two weeks back, but market quickly realized that Trumps victory may not be so bad for the US and dollar itself since he supports idea of higher interest rates. As such, market turned up as US elections results were coming out. We have seen a nice turn from 95.90, where rising trendline and 61.8% Fib. retracement turned out to be a very good support. We can see a strong recovery now, clearly in impulsive fashion which we believe belongs to a much bigger uptrend. In the short-term however, we can see a corrective set-back before market see 102.00/102.50 area.

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USD Index, 4H

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.