Elliott waves analysis – We are buyers.


Wave Analysis:

The US Dollar is currently trading in an expanding wedge formation, previously the price bounced off from the impulsive wave cycle three towards the lower side at the corrective wave cycle four. Right now, the price is on the lower trendline. I expect a rebound towards the upper trendline in continuation of the impulsive wave cycle five. However, should the price break below the lower trendline, then the sellers will be in control but as of now we are buyers from 136.32 towards 141.90.

Trade Recommendations:

We are buyers.

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