Hoag
Long

DXY technical analysis: Bullish count continue

TVC:DXY   U.S. Dollar Currency Index
Talking Point:

  • Technical Strategy: Bullish
  • Elliottwave View: Nested bullish count still continue and looking for higher values.

Analysis
DXY             ( Dollar Index             ) is looking bullish on long term view and minor / Intraday count also suggesting more upside in coming days. We are counting nested bullish count for wave (3). We are expecting nearest resistance on 99.42 - 99.67 area. On those levels, we are expecting wave 3 and see some sort of correction. We were calling upside from 96 (marked yellow region) which was clearly corrective decision and we see breakout.

Action
We are calling dollar strength in coming weeks and buying dollar basket pairs. We also long on USDCAD             , short on EURUSD             and NZDUSD             .

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Comment: Expecting little bit more downside before it break the channel
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