Elliott Wave Analysis For USD Index Intraday

By: Gregor Horvat | Wed, Nov 19, 2014
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Traders, the USD is mixed ahead of US cash open. Currency is down against EUR and GBP but up against commodity currencies. The EURUSD is trading close to 1.2575 highs from Monday, so I decided to look at the USD Index; an index (or measure) of the value of the USD relative to a basket of foreign currencies such as Euro, Japanese yen, Pound sterling, Canadian dollar, Swedish krona and Swiss franc (notice that AUD and NZD are NOT included here).

Well, on the hourly price chart of USD index we see a corrective movement from Nov 7th high. It was an irregular correction with fail breaks at wave b) and wave c). In fact rally from 87.18 was impulsive, followed by current three wave decline to 87.50. So ideally USD index is headed higher. If that is the case, then EUR, GBP and CHF will still find sellers.

USD Index 1h Elliott Wave Analysis

USD Index 1-Hour Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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