Expecting the Dollar index to reverse upwards

Elliottwave analysis on Gold and the Dollar index
May 8, 2015
My daily analysis on Gold and the Dollar index.
May 13, 2015

The Dollar despite the strong start of the week has turned down aggressively today near Friday lows after the Non-Farm Payrolls numbers were announced. The is my technical and wave analysis on the Dollar index. Technically speaking USDX has broken out of the downward sloping channel on Friday and is now pulling back to back test this break out area and touch the upper channel boundaries again.

usdx

The Dollar index has also reached the 61.8% retracement of the rise from the lows on May 6th to the highs on May 11th. The Dollar index according to my wave count has also made 5 waves up and until now it shows 3 waves down. What I expect next is an upward reversal from the 61.8% retracement.

On a weekly basis I believe we have finished a 3 wave correction from the highs at 100.40. This is a text-book A-B-C correction.

usdxd

The Dollar index has bounced off the kijun-sen (yellow line) support and as long as we hold above it, I will be expecting a full upward reversal with 97.10 as 1st target. For more help trading FX-GOLD-OIL and if you want to see my trades and analysis live, become  a subscriber today!!

As always, thank you for taking the time to read my new post.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.