The USD fell sharply down yesterday, but it made only a third leg of a decline within a corrective pattern across the board. On the USD Index, we labeled the decline as an A-B-C structure that can be near completion. Ideally we will see a bounce in an impulsive fashion back to 96.84. But it’s important to wait on this overlap before we can look for any long USD opportunities. An overlap would confirm the bullish price action as the decline would be treated as a complete zigzag.
USD Index 30min Elliott Wave Analysis
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