Overview of #USDX (US dollar index) with a forecast for the current day
The variation of the dollar exchange rate on the graph of the index in the last two years is set by the algorithm of the stretched plane. The figure corrects the previous trend section. Since the end of last year, the direction of the movement is set by the final part (C). The structure of the wave has not yet completed for today indicating the continuation of the current downward trend.
The chart area reached by the index's quotations is located around a strong support level. Within the main wave where a hidden correction is formed in the last months but the final part is still unaccounted for. In the coming week, the missing part of the structure should be worked up.
The upward movement from August 29 marks the beginning of an expected rise. Above the current values, there is a potential for a reversal in the section of the chart. A further contact from here on may trigger a corrective rollback.
Today, the current growth of the dollar is expected to continue until the zone of resistance has been reached. In the morning, a short-term decline is possible.
Boundaries of resistance zones:
- 93.30 / 40
Support zone boundaries:
- 92.80 / 70
Explanations to the figures:
For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.
The zones marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifies the structure has been formed while the dotted one means the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.