Elliott Wave Live: FX Move Is Going To Be Defined By DXY Reaction
Jul 21, 2023


The next big move on teh FX will be defined by DXY and reaction to FED next week. For now, the DXY is still at potential resistance, but I do not want to be too smart and call the next direction from here, so focusing on two counts. If however, DXY will rally further, close to 101.70/90, I will like shorts on cable (it has also nice five waves down + bearish weekly candlestick formation). On the opposite side of this, a new turn down on DXY from current resistance will likely make NOK strong, which is doing well compared to some other currencies because of higher crude. Silver is also on the watch list after the current wave four. Also, on crypto space, I like support for ETHUSD at 1800.

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Best regards,

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