Elliott Wave Live: Dollar Hit Strong Resistance, Be Aware Of Drop
Jul 5, 2023


Markets have been slow, as expected, because of 4ht of July holiday in the US. Another reason for some slow moves was also waiting for the FED minutes, when did not get any new important policy information as a lot had already been said last week. However, there was some disagreement among the FED members. According to release. all but two of the 18 participants expected that at least one hike would be appropriate this year, and 12 expected two or more. Sentiment for now did not change, as a lot of speculators thinks that important can be the NFP this Friday. So actually, markets can be slow even till the rest of the week.

Fom an Elliott wave perspective, we see US Dollar Index in a bearish pattern after a-b-c up, so more weakness is expected, but can be from here or from the 2nd 104 resistance. When/if USD comes down, that’s when other majors can fly, especially NZDUSD which appears to be very strong this week.

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