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Elliott Wave Analysis: USD Index Could Be In For A Reversal Higher

On the 4h chart of USD Index we see price trading within a higher degree three wave decline so bearish breakdown in March may be wave C as part of a big contra-trend move. That said, current bullish price activity may be the first signs of a new reversal to the upside being made and a suggestion that the previous three wave decline is completed. As such, more gains may be in for the USD index. A minor five wave move to the upside will be a confirmation, that bulls are in play.

USD Index, 4H

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