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USD Index Forming A Bullish Reversal Pattern

Currencies / US Dollar May 08, 2013 - 11:55 AM GMT

By: ForexPros

Currencies The USD index reversed higher last week from 81.32. This appears to be a first impulsive structure that is part of a larger and new bullish cycle for the dollar.


As such, we expect much higher levels on USD index in the days and weeks ahead, especially if we consider that decline from 83.50 made clear three waves, which is a corrective price action, known as a zig-zag. Ideally, the market is now in wave 2) pull-back that will look for a support around 81.20. Critical/invalidation level is at 81.32, as wave 2) must never retrace more than 100% of wave 1). So as long that level holds. we'll look higher.

Analysis by: http://www.Forexpros.com - Written by Gregor Horvat Forexpros

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