Tuesday, August 20, 2013

USD Index: Forming A Complex Correction – Elliott Wave Analysis

USD Index is trading lower for few weeks now but decline from 85.00 has a corrective look for now so we suspect its part of a larger complex correction from May highs. We are tracking a W)-X)-Y) correction, so if we are correct the USD should find a support somewhere around 80.30-81.00 level. An impulsive rally from here and back to 83.00 will put prices back in bullish mode. That's what is called a confirming price action. Let's see if we get one!
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