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Elliott Wave Live: Can Dollar Fall Out Of An Upward Channel?

Wavetraders - Mon Feb 19, 10:05AM CST

Hello everyone! We might not witness significant movements today due to holidays in both the US and Canada. On Friday, we observed a dip in the bond market, while the dollar weakened, likely due to position adjustments in anticipation of the long weekend. Interestingly, the Euro managed a notable rally despite a decline in bunds, indicating a potential divergence. However, the Euro and bunds could realign into positive correlation if the bunds stabilize, potentially propelling the Euro even higher.

This week, the spotlight turns to the details of the upcoming FOMC meeting that will be released on Wednesday. Any new insights into the Fed’s policy could be pivotal, although substantial shifts are uncommon. Nevertheless, a change in tone could influence yields and the USD significantly. From an Elliott Wave perspective, the DXY appears to be nearing a resistance, possibly already reached, but still need to see a fall below 103.38 to confirm a reversal.

DXY Futures Daily Chart by

For more analysis make sure to check below our recording of a latest live webinar streamed on February 19th:

On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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