DXY Technical Strategy: Keeping outlook
Elliottwave Count: Nested impulsive count
DXY ( Dollar Index ) is trading impulsive in post election session and able to break channel resistance. We were calling reversal from 19-Aug-2016 and looking for 100 levels during August month. Current count is suggesting more upside towards 103 and above. However, we are expecting small set back of this impulsive rally. Index is testing horizontal resistance near 101.50 area. Break of this level will have 103.15 zone.
As We are expecting small set back to re-test channel support, we are looking to re-initiate our long position on dollar basket, i.e. we are looking to sell EUR/USD ( Euro / US dollar ), NZD/USD ( New Zealand Dollar / US Dollar ), Crude Oil , etc.
-- By @HoagTrading (Hoagtrading.com)