Dollar Index at multi-year highs

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

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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 TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/