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US Dollar Flexes Bullish Muscles (Webinar Recording)

US Dollar Flexes Bullish Muscles (Webinar Recording)

Jeremy Wagner, CEWA-M, Head of Education


This is a recording of a webinar from February 13, 2017. To attend a live webinar with Jeremy obtain your free registration here.

In this webinar, we used technical analysis and namely, Elliott Wave Theory to identify trends for DJIA, EUR/USD, USD/JPY, GBP/USD, AUD/JPY, GBP/JPY, GBPNZD, and Gold.

We started with DJIA (5 minute to 11 minute mark in the video) and the price broker out above the 19,782 low and the 20,138 high range established during last week’s webinar. This is indicative of a continued bullish move and the next significant wave relationship appears near 20,600.

DXY is a market we are watching closely. (12-16 minute mark in video) It appears to be sporting a bullish pattern, which suggests EUR/USD may sell off and USD/JPY may strengthen.

Two currency markets we are watching closely is EUR/USD (16-22 minute mark) and USD/JPY (22-33 minute mark). Both patterns suggest a bullish dollar move may be starting soon.

When taking cues from other JPY crosses like AUD/JPY (34-40 minute mark) and GBP/JPY (48-59 minute mark), it appears JPY may be experiencing broad based JPY weakness.

Lastly, Gold is in interesting market in that wave relationships are lining up near $1280 as a potential reaction point (59-64 minute mark). Here is the link that was discussed in the webinar on how the Gold pattern was bullish towards $1280.

If you wish to learn more about Elliott Wave theory, grab our beginning and advanced guides here and join Jeremy for his Elliott Wave pattern webinar here.

---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU

Follow me on Twitter at @JWagnerFXTrader .

See Jeremy’s recent articles at his Bio Page.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.