Hello, traders and welcome to our new 4h update about the USD index.

On USD Index chart we can see a slow, and sideways price action, which in general resembles an Elliott wave triangle correction. A triangle correction is a more complex pattern, made by five legs and each of them has three minor waves. At the moment we are observing wave d of a bigger triangle within wave 4, which can see support at the lower EW triangle line, also near the Fibonacci support region of 61.8. From there a new three-wave rally may follow into final leg e, which can later see resistance and a turn lower at the 90.60 level.

USD Index, 4h