The USD Index remains under pressure as US stocks moved to new highs following strong housing data yesterday. However, today all eyes will be on the FOMC when investors will look for any hints as to the Fed’s next move, especially what may happen in September.
From an Elliott Wave stand point we see USD Index in a downtrend, now pushing prices lower within wave 5) that can see a dip beneath 92.00 level as current intraday price move looks like a sub-wave four. So once new lows are seen, be aware of a potential slow down if we consider that drop from 93.41 came from a triangle in wave four, so dollar can be in a final leg of a higher degree bearish pattern. Support is at 91.90, followed by 91.50.
USD Index 1h
