Dollar Index at multi-year highs

January 12, 2015 09:13 AM
Elliott Wave Analysis: USD Index


The USD Index is at multi-year highs, but in fifth wave so gains can be limited, at least for the short-term. We are looking at red wave 5) that has just reached our first projected level at 91.80 as shown on the chart. That's 38.2% Fibonacci projection of wave 3) where price could slow down. 

However, we see even 94.40 as a possible scenario if USD will remains strong, and will not make any five waves of decline. However, sooner or later USD should turn into a retracement, even if just for a short-term.

USD Index Daily Elliott Wave Analysis

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About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: