It’s already Friday, and so far this week we’ve had some very nice moves. As you know, yesterday the dollar saw another strong recovery after solid US data suggested there is no need to rush with cutting rates, which pushed the dollar and US yields higher. Looking at the dollar index price action from the September 17th low, when the Fed cut rates, we can still count only three waves up from the lows. This means the higher-degree recovery or trend reversal is not fully confirmed yet, but more upside could still follow—either in wave C or wave three, since we need a completed five subwave structure. The current third leg up from the 97.21 low could extend further then, maybe even closer to the 99 level, which is potential near-term resistance. If I’m correct, then other major currencies will likely see more weakness versus the dollar in the sessions ahead.
On the other hand, I would shift to a bearish outlook only if we suddenly drop back below 97.74.
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作者：Gregor Horvat，文章来源FXStreet，版权归原作者所有，如有侵权请联系本人删除。
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