USD Index: Three Waves Up Is Only A Pause Within Downtrend

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Written by www.ew-forecast.com |

Markets are still very calm and trapped in tight ranges ; EURUSD in 100 pip range, USDCHF slightly bearish but still sideways, AUDUSD down but slow and choppy, same but opposite direction on USDCAD. Meanwhile Oil and GOLD are sitting above their latest lows, so no direction at the moment.  The only exception is GBP which broke higher against the USD  after better than expected house price data.

Generally speaking we expect more USD weakness based on USD Index count where an updated chart shows a three wave rally from Sep 19th with flat in wave b position so maybe wave c already accomplished a pull-back around 80.74. We are waiting on that 80.30/36 support break that should cause immediate decline to 80.13.

Elliott Wave traders will know that three wave pattern represents a correction within a larger trend, which is clearly down on USD for the last few weeks so we will continue to look in that direction.

USD Index 1h

USD Index 1h Elliott Wave Analysis
USD Index 1h Elliott Wave Analysis

 

Written by www.ew-forecast.com

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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.