DXY in 4th wave triangle with US GDP & FED rate decision <2wks

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Valutaindex för U.S. dollar (TVC:DXY)

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TVC:DXY Valutaindex för U.S. dollar

waveanalysis dxy usd

The US Dollar is in a 4th wave correction, and appears to be forming either a flat-top triangle or contracting triangle, before heading higher. Key market data is imminent in about 2 weeks. US interest rates continue to make the US Dollar fundamentally attractive.

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The flat-topped running triangle scenario seems to be playing out. The other scenarios appear to be ruled out, and if we get a pulse upward after 3-wave pull back (wave (E) now in progress), further upside should follow.

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That GDP data on Friday morning at 5:30 PST is going to be the excuse to break one way or the other. Watch out for the head fake.

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ECB and BOJ left their rates unchanged at 0% and -0.1%. US Rates almost certainly going up tomorrow as expected. US GDP @ 4.1%. Consumer confidence beat expectations. NFP comes on Friday; probably strong. All bullish.

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