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USD Index Looks For Higher: Elliott Wave


USD Index 4h

USD index (Dec 2013) has finally found some support and is now showing first signs of a completed three wave contratrend movement from 81.54. With that said, we expect USD to extend it's gains in this week back to 81.55. Any surprise and another leg down, beneath 80.45 will make wave (B) / (2) even more complex but it will be still a corrective move because of the personality.

USD Index Daily

We believe that USD Index has now turned bullish after recent impulsive rise and breakout out of a downward channel. This breakout is important sign for a change in trend, even if just temporary. Based on a big picture with a triangle, we think that rise from 79.00 is wave D that will unfold in three legs towards 83 maybe even 84.00 region in weeks ahead.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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