E USD Index Searching For A Base; A Reversal In View

USD index is still trading bearish, specifically in black wave 5 of 5). We can see the recent rally as a corrective wave 4, that found its resistance at the 96.21 level, from where a new drop occurred. That said, ideally current black wave 5 will now search for support and a low near the lower channel line, where a new bounce higher can follow. A five wave recovery from the lows and a breach above the 96.21 level would indicate a change in trend.

USD Index, 4H

 

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.