The USD is still in an uptrend and it appears that more upside may be seen in the near future if we consider that USD index can be making a five wave move within wave C/3, so there is even room for 94.20 after wave 4 set-back. We however may immediately turn bearish again, but after 92.18 is broken.
USD Index, 1H
While USD index is up, we may see more weakness on commodity currencies which are very poor this week. NZDUSD is moving nicely lower and it appears that there might be room for a drop to 0.7100 in the near future.
NZDUSD, 1H
