For the last couple of days we have been following the USD-index closely, at we where closing in on the bottom. I was a bit tricked by wave ii, but if resitance at 75.09 we could say, with a great deal of confidence, that the bottom was in place. After the very positive employment report friday, the USD-index as easily as nothing broke above the 75.09 resistance confirming that bottyom in place.
As can be seen on the chart above we still misses one more rally before wave 1 is done. I-m looking for a rally to just above 76 followed by a wave 2 correction to 75.48, but as this will be wave 2 the retracement could become deeper and head for the 74.95 -75.15 area.
The rally in the USD-index should put pressure on the stock indicies and commodities in the comming days.
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