LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com to Launch New Website
By: GoldSeek.com

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA

 
Search

GoldSeek Web

 
U.S. Dollar is Going No Where Fast


 -- Published: Friday, 25 August 2017 | Print  | Disqus 

By Mike Golembesky

The US Dollar (DXY Index) has moved relatively sideways over the past several weeks. The pattern that we have seen up off the August 2nd low has also been quite corrective in nature.

This sideways action does fit with our larger degree perspective that the DXY is in a fourth wave corrective pattern. This is suggestive that the DXY still has some unfinished business to the downside prior to seeing a larger degree bottom.

In general, the U.S. Dollar has stayed off of the radar of those in the financial media in the past several weeks. Most have been focusing on the movement in the equity markets. I will note that while the DXY Index has not moved much over the past several weeks, some of the other currency pairs against the US Dollar have seen a bit more movement.

Of the major currency pairs, the GBP/USD, in particular, has now fallen some 5% from its recent highs. The GBP/USD has also already broken some key support levels suggesting that a larger degree top may be in place on this pair. Whether this potential top in the GBP/USD is a prelude of a larger bottoming pattern in the DXY index itself is still yet to be seen.

From a price perspective, as long as the DXY is trading under the short term resistance level of 96.06-97.92 there is no signal of a larger degree bottom being struck. Structurally the move up off of the Augusts 2nd low is now counting best as a corrective wave structure. This corrective wave structure is more supportive of the white path as shown on the charts below.  

As long as the DXY is trading under the short-term resistance level, there is still likely has more work to do to the downside. I will note, however, that should the DXY move back under the August 2nd lows, it will be closing in on a much larger degree support. This support remains at the 91.12 level. If that level is broken, it would open the door to a large degree top having been struck with the January of 2017 highs.

So, as the U.S. Dollar continues to go nowhere in a tight range, we simply do our best to stay out of its way.

See charts illustrating the wave counts on the USD.

Mike Golembesky is a widely followed Elliott Wave technical analyst, covering U.S. Indices, Volatility Instruments, and Forex on ElliottWaveTrader.net (www.elliottwavetrader.net), a live Trading Room featuring intraday market analysis (including emini S&P 500, metals, oil, USD & VXX), interactive member-analyst forum, and detailed library of Elliott Wave education.

 


| Digg This Article
 -- Published: Friday, 25 August 2017 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.