USD (DXY) 94.6 End of April?
I use this analysis to understand the overall market situation to trade indices, gold, and stocks. I don't trade currencies.
The evolution of DXY seems to follow Elliott waves since the beginning of 2021.
Wave 1 January
Wave 2 February
Wave 3 March-April
Wave 4 Mid-May
Wave 5 May-June
If my count is correct, inside wave 3, we are currently in sub-wave 4.
The price might drop until the previously broken support of 92.52 (or perhaps 92.13)
Then go up again with subwave 5 until 94.6 (also end of wave 3 of the overall waves)
For gold, it means that Gold will continue to go down in its bearish channel.
It might rise temporarily during the corrections of USD (wave 4)
The evolution of DXY seems to follow Elliott waves since the beginning of 2021.
Wave 1 January
Wave 2 February
Wave 3 March-April
Wave 4 Mid-May
Wave 5 May-June
If my count is correct, inside wave 3, we are currently in sub-wave 4.
The price might drop until the previously broken support of 92.52 (or perhaps 92.13)
Then go up again with subwave 5 until 94.6 (also end of wave 3 of the overall waves)
For gold, it means that Gold will continue to go down in its bearish channel.
It might rise temporarily during the corrections of USD (wave 4)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.