DXY Technical Strategy: Keeping outlook but temporary correction due
Elliottwave Count: Nested impulsive count, wave 4 correction is due
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 as part of wave 4, we were seeing small correction in shorter time frame but that is still too shallow.
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.com (@Hoagtrading)