Hoag
Long

Dollar index (DXY) 2016-2017 Analysis: Rally to continue post el

TVC:DXY   US DOLLAR CURRENCY INDEX
Talking Points:

DXY Technical Strategy: Keeping bullish outlook
Elliottwave Count: Nested impulsive count

Analysis
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.

Action

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)
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