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USD Index Update II.

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May 29  2020
 
Hello traders,

A few days back I recorded a video and mentioned that USD index can break out of a bearish triangle. Well, we have seen a very nice move down in the last few days, so it appears that dollar weakness is here. Ideally the breakdown we see is coming out of a bearish triangle in wave B, so current weakness is part of wave C that can stop in the 97.50 - 96.50 support zone around important 61,8% - 78,6% Fibonacci retracement , or maybe even at 95.00 area if weakness becomes extended. However, we should be aware of a reversal from that area, ideally in five waves which would then be confirmation that dollar is again waking up. Maybe any dollar strength will be the case as »safe-haven«, when stocks come down from resistance.

If you want to track the elliott wave cycles with me register below.


Have a good weekend!
Grega





May 27 Video Analysis:
 

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