USD Index Searching For Support: Elliott Wave

USD index found support last week at 79.72 from where we have seen some nice upward price action. Notice that price bounced higher from 61.8-78.6% retracement area which is ideal Fibonacci zone for corrective legs. With that said, we see chances for USD Index to turn bullish but we need to see further rise and daily close above 80.47 where any different bearish scenarios would become invalid. In that case we would be even more confident that USD is heading higher. In the meantime we need to keep an eye on current 79.72 low; if broken then we may see a retest of October lows.

USD Index 4h Elliott Wave Analysis

Written by www.ew-forecast.com