USD Index and Cable Eye Higher: Elliott Wave Analysis

We, however, are tracking a big triangle (scenario 1) meaning that the market can still see limited upside after sub wave D hits resistance, possibly near 97.00, which may occur after a five-wave rally is completed on the 4h time frame.

Keep in mind that we are still missing a new high for a fifth wave to complete a sequence from October low, so be aware of another leg up after the current corrective sideways consolidation within wave 4 that can be coming to an end. Rise above 96.45 makes a room for a new high.

USD Index 4h Elliott Wave Analysis

GBPUSD, Cable is making a bigger intraday recovery with the current price at new high so move from December 18th is becoming even more extended meaning that market can be making an impulse from the low, therefore it’s a chance that pair is making a major turning point at 1.3150 area. However, pullbacks will show up, ideally now into a red wave 4) that can find support this week around 1.3430-1.3490 area.

GBPUSD 4h Elliott Wave Analysis