USD Bulls May Not Be Done Yet
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Aug 26 2015
USD index is trading lower for the last few months but on the daily chart we still see a retracement as a corrective fourth wave. We are tracking a flat correction because of three waves down in (A), three up in (B) and now current strong sell-off is normal for impulsive wave (C). In fact we see price retracing into 38.2-50% Fibonacci levels compared to wave three, which is actually ideal Fibonacci zone for a base of current fourth wave. That said, it would definitely be too soon and too early to call any long-term top on the dollar. However, current strong bearish sentiment on intraday chart can send USD Index to around 90 psychological level before we may finally see a new bounce higher.
We would give up on this view only if price would fall sharply through 89 figure!
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