USD Index - Correction In Progress, Before Bears Kick Into Gear (Elliott Wave)

Gregor Horvat Wavetraders

Hello fellow traders,

USD is currently recovering, but it may not last for a long time, because EURUSD is trading in potential wave »iv«, while Cable has still room for more upside towards projected resistance area for wave »iv« around 1.2250 level. That being said, seems like USD Index is in a three-wave recovery here, ideally in wave »iv«, but keep in mind that five-wave decline could be also finished with a potential corrective higher degree recovery at the moment! However, in both cases we see limited upside, so sooner or later USD should see more weakness, especially because of »bearish August« chart shared already in April.

USD Index, 1h

USD "Bearish August" Weekly

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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