Dollar index ($DXY) Daily Update: Shorter term bearish
Talking Points:
DXY Technical Strategy: Keeping bullish outlook but temporary correction due
Elliottwave Count: Nested impulsive count, wave 4 correction is due
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 as part of wave 4, we were seeing small correction in shorter time frame but that is still too shallow and expecting more downside.
Looking into wave structure, we are expecting we are part of first leg of correction from 101.96 to 100.63 and we are expecting another leg is still due which can be targeted below 100.00
Action
As We are expecting small set back to re-test channel support, we are looking to re-initiated 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.
However, for shorter term, we are shorting dollar and buying counter currencies and commodities. We already long on GBPUSD, Gold.
DXY Technical Strategy: Keeping bullish outlook but temporary correction due
Elliottwave Count: Nested impulsive count, wave 4 correction is due
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 as part of wave 4, we were seeing small correction in shorter time frame but that is still too shallow and expecting more downside.
Looking into wave structure, we are expecting we are part of first leg of correction from 101.96 to 100.63 and we are expecting another leg is still due which can be targeted below 100.00
Action
As We are expecting small set back to re-test channel support, we are looking to re-initiated 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.
However, for shorter term, we are shorting dollar and buying counter currencies and commodities. We already long on GBPUSD, Gold.
-- By Hoagtrading.com (Twitter: @Hoagtrading)
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