Elliott waves analysis – We’re on the sidelines for now.

Just as previously expected, the US Dollar rallied to the lowerside but failed to sustain itself below the 52 period moving average. This is a sign that the buyers could still be in control. As long as the price remains above this zone, I expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of an impulsive wave count and may see the price break and close above 148.90 or even higher.

We’re on the sidelines for now.