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Wadadz
Apr 1, 2021 8:50 PM

USD (DXY) 94.6 End of April?  

U.S. Dollar Currency IndexTVC

Description

I use this analysis to understand the overall market situation to trade indices, gold, and stocks. I don't trade currencies.

The evolution of DXY seems to follow Elliott waves since the beginning of 2021.
Wave 1 January
Wave 2 February
Wave 3 March-April
Wave 4 Mid-May
Wave 5 May-June

If my count is correct, inside wave 3, we are currently in sub-wave 4.
The price might drop until the previously broken support of 92.52 (or perhaps 92.13)
Then go up again with subwave 5 until 94.6 (also end of wave 3 of the overall waves)

For gold, it means that Gold will continue to go down in its bearish channel.
It might rise temporarily during the corrections of USD (wave 4)
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