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USD index to correct lower


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USD INDEX- Is the dollar rally overdone?

 

Daily – The daily chart highlights the index stalling and reversing higher close to the 261.8% extension level of 88.19 (from 95.11-92.47). Bullish Outside Day posted from the low. The rally has now stalled and the opposite formation shown (Bearish Outside Day), this often indicates a top is in place

USD Index D.png

 

Intraday (four-hours) – The move to the upside has fallen short of the 261.8% extension level of 91.32 (from 88.15-89.36). However, 5 waves can be seen to the upside (first wave patterns are normally the most dis-jointed)

 

We now look for a move lower in a choppy manner as we correct towards 89.20-88.80 (61.8% and 78.6% Fibonacci pullback levels) and a possible right shoulder of a bullish reverse Head and Shoulders formation. We then expect buyers to return.

USD index 4.png

 

 

Summary:

  1. In the short term (intraday) we look to sell into USD strength. Prime resistance at 90.50-55
  2. Over the medium-term we look to buy dips close to 89.20-88.80

 

 

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

           

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