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#USDX wave analysis for May 20, 2015

The reversal in the US dollar index trend was anticipated and I warned bears several days ago that the wedge pattern and A-B-C correction would be over soon and a reversal would occur. Two days ago the USD index broke the wedge pattern to the upside confirming the end of wave C and the start of a new impulsive wave.

usdx.jpg

Orange lines = bearish channel

Black lines = projected move that I expect

Blue line = overlapping level of wave A

The US dollar index has most probably completed wave C down and has started a new upward move that will bring the index to new highs. The important level to watch is at the blue horizontal line. The low of wave A should be overlapped for the bearish scenario that we are in an upward wave 4 to be cancelled. Although, the form of the rise from recent lows is impulsive, the bearish scenario will be canceled only when we break above the wave A low.

usdxd.jpg

The weekly chart already looks impressive and its only Wednesday. The weekly candle has surpassed the previous red candle and is now moving towards the tenkan-sen (red line). I believe that the downward correction is over and that we should buy the USD index when it pulls back with 93.10 as stop.

The material has been provided by InstaForex Company - www.instaforex.com