Both scenarios suggest bullish opportunities in coming months
With the USD weakness that we have being seeing over the past few weeks, it is a good time to update the monthly and weekly charts on both the main and alternate EW counts on a popular ETF for USD, (UUP).
Bearish scenario still in the lead
Price is putting stress on a supportive trend line, forcing a squeeze between support and resistance.
Since I just updated the DX monthly and weekly charts, thought I would plough ahead and update the ETF UUP as well. Same story, expect a wave (iv) has been set and looking for a new high over that of the early 2017 high in the next 18-24 months.
Just refreshing the long term charts on the Dollar Index (DX). The forecast is unchanged in that I think that that the Dollar has at least one last high left in it over the next two years.
I’ve been asked for an update on GBP and since the equity indices should quiet down over the next 1.5 hours till the FOMC statement, think I have enough time to get this done.
Overall think GBP, like many of the major USD crosses, has spent the last year correcting up in a wave [iv] and should be close to pressing lower in a wave [v] over the next 18 months.
Happy Thanksgiving! I thought I would see if I can sneak in a little analysis before slipping into a turkey induced coma.
We think it’s time for the downward trend to resume