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    USDX wave analysis for June 1, 2015

    The US Dollar Index is most probably in its 4th wave correction phase. We should expect a new impulsive wave upwards as a part of the fifth wave of the 1st wave up towards new highs. The three wave correction at 93.10 is complete and the reversal is to be confirmed soon with a sequence of 5 waves up from recent lows. A strong pullback should be expected before resumption of the uptrend.



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    Black lines = bullish channel

    Red lines = wave 4 correction channel

    Orange lines = past bearish channel that was broken

    The US Dollar Index is trading above the Ichimoku cloud. I believe we are in a wave 4 sideways move that will end soon. A new upward wave will start. We expect this upward wave to be most probably wave 5 for a new upward move that started from 93.10. This will complete the 1st wave of the new upward move that is expected to reach new highs. Short-term support is found at 96.70 and short-term resistance is seen at 97.30.



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    The last two weeks have been very bullish for the US Dollar Index. Bulls have managed to step in and push the price not only above the kijun-sen but also above the tenkan-sen. The retracement at 38% was marginally reached and I believe it is over. A new upward impulsive move has started. We should expect a back test of the red tenkan-sen indicator but my longer-term view remains bullish.

    Uitgevoerd door, Analytische expert
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