Dollar Index allows traders to monitor the value of the USD compared to a basket of six currencies which includes euro, Japanese yen, Canadian dollar, British pound, Swedish krona and Swiss franc. As it helps traders to hedge their bets against any risks with respect to the dollar. It is important to keep a close track of the index.
We have been using Time cycle across asset class along with Elliot wave technique and it has worked out extremely well and similar we applied the same in Dollar index and despite any news or event prices moved just in sync with the cycles.
Below is the chart showing detail analysis on Dollar index using Hurst Time Cycle along with Elliott Wave technique published in our Monthly report under the name “The Financial Waves Monthly update”:
Dollar Index Weekly chart:
(Below is the extract taken from our monthly research report published on 08th May, 2019)
Elliott wave analysis- The dollar index looks to be moving in corrective fashion within which prices completed one set of correction in the form of Zigzag pattern which is a 5-3-5 waves’ pattern. Post completion of primary degree wave X in the year 2018, wave A of another set of correction looks ongoing on the upside. Ongoing wave A looks to have retraced nearly 61.8% of wave X and prices recently managed to give a minor break of its consolidation and looks like we can begin to see a trending move soon.
???? Time cycles: This cycle looks to be working extremely well and has been able to capture earlier lows as well. We can see that prices completed wave X on the downside and reversed back higher exactly from the same. Prices look to have already surpassed one half of the … weeks cycle and another low looks to be anytime between the end of year 2019 or beginning of year 2020.
In short, ….. Time to keep a close watch on US dollar to see if there are any leading indications!
The above clearly shows the power of Time cycles and if applied prudently it will assist in timing the market and on occasions to the day. This is not new to us as we have a proven track record in varied asset classes to capture the lows and tops. Get access to the monthly research report and get access to in-depth analysis for various asset classes “The Financial Waves short Monthly update”- Get access here
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