US Dollar Index Trend Points Higher (Webinar Recording)
This is a recording of a webinar from February 20, 2017. To attend a live US Opening Bell webinar with Jeremy obtain your free registration here.
We started with DJIA (6 minute to 10 minute mark in the video) and how there are several wave relationships showing up near 20,600. We anticipate price to be sluggish and may dip to 20,400. However, we are anticipating the dip to be temporary and that it may lead to an eventual poke above 20,600. Below 20,100 will cause us to reconsider the wave count.
DXY is a market we are watching closely. (10-17 minute mark in video)
We spent a great deal of time on EUR/USD (17-31 minute mark). The waves suggest further downside. We will use strength to position towards eventual weakness. The key level to watch on EUR/USD bearish bias is 1.0830.
We discussed USD/JPY (38-44 minute mark) and its medium term bullish pattern using Elliott Wave and Ichimoku. 112.30 is a key level to maintain the bullish bias.
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.
Also, to learn more and ask questions with Certified Elliott Wave Analyst Jeremy Wagner, join his Elliott Wave pattern webinar here.
---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.