Elliott Wave Analysis: Bearish USD Index On Pause; Lower Prices in View!

Technical analysis of Forex market

USD index is recovering from the lows, however this recovery can only be temporary as we see it as part of a bigger setback of a bearish decline. We labelled a corrective wave ii in progress with sub-wave c) now trading near possible resistance and turning point zones (96.70/96.98 region). A drop in impulsive fashion would confirm more weakness.
Despite bearish looking USD Index, JPY currency pair can be even weaker and that is why we are bullish on USDJPY.

USD Index, 1h

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