Elliott Wave Analysis: USD Index Strongly Turning Bullish
Gregor Horvat | Nov 18, 2016 03:13AM ET
USD index fell sharply on US elections day last week, but market quickly realized that Trumps victory may not be so bad for the US and dollar itself since he supports idea of higher interest rates. As such, market turned up as US elections results were coming out.
We have seen a nice turn from 95.90, where rising trendline and 61.8% Fib. retracement turned out to be a very good support. We can see a strong recovery now, clearly in impulsive fashion which we believe belongs to a much bigger uptrend. In the short-term however, we can see a corrective set-back which could then look for a support around 100 psychological level.
USD Index, 4H
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