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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.
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.
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.
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