Forex

Elliott Wave Live: Dollar Index At Support Ahead Of US CPI WeekDec 9, 2024

Good day, everyone!

I hope you had a wonderful weekend. My family and I spent time decorating for Christmas and even went ice skating, so it was a lovely weekend. I hope you also had a chance to relax and are ready for some market action in the coming days.

This week brings plenty of important events, including decisions from major central banks like the RBA, Bank of Canada, ECB, and Swiss National Bank. Additionally, we’ll get crucial US inflation figures, which will provide further clues on whether the Fed will cut rates in December or can they be hold!?

Last Friday’s non-farm payrolls were stronger than expected but the unemployment rate was up to 4.2%, and after the initial dollar sell-off, the Dollar Index stabilized around 105.40, and then even ending the week slightly higher. So for now, it seems the dollar’s trend is still intact

If I’m wrong and the dollar unexpectedly breaks below 105 and overlaps with 104.63, then I’d have to adjust my near-temr view, and will even consider the dollar has topped, and turn bearish. However, at this stage, I don’t believe we’re there yet.

In Elliott Wave Live session today, I talked about USD in detail, covered bitcoin and ethereum, metals, Tesla, Paypal and others.

Grega

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