Elliott Wave Analysis: US Dollar Nearing March Highs Resistance
Aug 18 2021
Today we will talk about DXY- US dollar Index , which we see it finishing five-wave cycle and approaching strong March highs resistance zone .
Well, USD IS still strong, but it's now moving into some late stages of a higher degree structure. We are also in the mid of the week when flows can change, especially when you have the FED minutes. Keep in mind that there were some bad US data lately which means that again FED may wait with tapering for longer than we think. However, inflation is still a real concern which is visible also through latest move on GOLD that is again on the rise despite big short orders last week, so looks like speculators are using metal as a hedge against and this moves can extend further to the upside.
From an Elliott Wave perspective we see USD trading higher ahead of FED minutes but DXY can be running into late stages of a higher degree structures; move that is still expected to pass 93.20 and 93. 40 to complete the pattern with five waves up, so resistance may not be far away, maybe already around 94 area.
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