Top Trade Idea For December 30th, 2014 – USD Index
By Gregor Horvat on Dec 30, 2014 02:19:48 GMT
Good day to my traders!
As you know, every two weeks I am sharing absolutely free trading set-up. Well, two weeks have been around since we shared latest views on EURGBP. Interestingly, shorts on that pair are still fully in progress. Click here for more details.
Well, today, we will not share any new trade idea, but will make an analysis anyway. The reason why I am not interested in taking a new trade is approaching New Year eve and potential gaps on Thursday night/ Friday.Then it’s also a slow price action, and another reason are latest swings on USD. As you know USD is in bullish mode for some time now, but we didn’t get any solid pullback for the past two weeks to make a good entry, at better prices. We see USD index trading at the highs, where I do not want to buy! Well, interesting is also that we see USD in fifth wave from May of 2014. We know that in Elliott Wave theory fifth wave represents final leg within impulsive sequence, so it means that upside can be limited near 90-91 area. We also see price now testing the upper trendline of an Elliott Wave channel that represents a resistance in fifth wave, while RSI is showing a divergence. So if trendline will hold, and if price will retrace back to 87.74 then we may see a deep retracement at the start of 2015.
USD INDEX DAILY
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About Gregor Horvat
Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/ TryEW-Forecast.com’s Services For 14 Days for just €1 at http://www.ew-forecast.com/service .
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