As mentioned in last weeks analysis, I expect more downside for the Dollar Index. Now it looks like we have put in a top and could start to move lower in a corrective manner towards 94.80/30 area.
The US Dollar Index remains bullish from a long term perspective. As long as it stays above 93.80, we should see a push towards the 100 level.
Trading strategy DXY
SHORT TERM: Short against 96.50, TP1: 94.80 and TP2: 94.30.
LONG TERM: Long below 95 against 93.80 for a move towards 100 level.
Euro US Dollar (EUR/USD)
In last weeks analysis, I recommended that a short position should be covered. I still expect we will see more upside towards 1.16 level. The wave structure is not very clear, but what is clear that we have to stay above 1.1268 for a move higher.
Trading strategy EUR/USD
Today we have many risk event concerning the Euro and the US Dollar, so opening new positions right now might not be the best idea.
Look for buy opportunities but after the dust had settled
British Pound US Dollar (GBP/USD)
The pound has moved higher above 1.30 as expected and is now going towards the next target at 1.33-35 area.
US Dollar Japanese Yen (USD/JPY)
The USD/JPY looks to be doing a flat and could move lower towards 108.6 or even 107.
Trading strategy USD/JPY
SHORT TERM: Short against 110. TP1: 108.6, TP2: 107.3.
LONG TERM: Look for buying opportunities between 108 and 107.
Gold Spot US Dollar (XAU/USD)
Gold seems to be in a bullish triangle. There is upside potential to reach 1330 or 1340.
Trading strategy XAU/USD
SHORT TERM: Long against 1276 (triangle low). TP1: 1310, TP2: 1320, TP3: 1330
LONG TERM: Look for bearish reaction near 1320-1340 against 1366
New Zeland Dollar US Dollar
In last weeks analysis it was mentioned that a bullish reaction was expected, and we got it now. But it was also mentioned that the next move to the upside might be a part of a bigger flat correction. Looking at the other USD pairs, that looks to be the most likely scenario.
Trading strategy NZD/USD:
If you went long as recommended in last weeks analysis, move stops to this week low (0.6707) and take profit at 0.6920 and/or 0.6970.
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TraderWgun has over 4 years of experience with Elliott Wave Principle, 6 years trading part-time. Twitter handle @atliveanner
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