U.S. Dollar Can Correct Higher
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Markets are still slow this week, but there was some risk-off on US stocks yesterday, which can help USD index climb a bit higher. From an Elliott Wave perspective, we still see the dollar (equal-weighted) trapped in a wave B consolidation which appears like a triangle that can send prices higher into wave C at some point, possibly next week, after the NY holidays.
On today’s schedule, we have crude oil inventories, and US Unemployment Claims may shake the markets a bit, but we do not expect any major breakout. I think markets will be much more volatile and interesting when the USD completes an A-B-C recovery, as shown in the chart below.
DXY hourly chart.
