Weekly chart trend: Long possibilities. Main price points: 77.43. Looking for: Move higher
On the weekly dollar index chart, the flat correction, shown in wave B position may already be completed as our red wave v hit the new lows in the past week. The blue wave B found the lows exactly at 61.8% retracement of wave A, which is a typical area for a turning point. Traders should be watching for at least three waves of a pull-back in the coming days and weeks, which should lead the prices up into around 82-83 zone.
Daily chart trend: Long. Main price points: 77.43. Looking for: Move higher
The dollar index has made a sharp turning point recently, which indicates a possible temporary dollar recovery over the next few days and weeks. We can clearly count five waves down from 89, black wave B) top to current 77.43, wave C) lows. Three waves are always expected once that prices have already broken through the upper line of a trading channel.
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