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Market Harmonic's founder Tony Carrion is now part of the team of Forex analysts at Elliott Wave International.  Learn about EWI's round-the-clock intraday, daily and longer-term Forex market coverage.

Currency Pair Sentiment vs. USD
From the most recent Commitments of Traders (COT) Data

Unweighted Major Currency Average (UMCA) & Currency Pair Strength
(Our Proprietary Unweighted Index of US Dollar Performance)

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Looking Higher in the Dollar

By Tony Carrion

Since our look at the US dollar recovery last month, our proprietary measure of dollar strength, Unweighted Major Currency Average (UMCA), is up 1.5%. 

Even with the pullback against the Euro late in the week, the larger Elliott Wave trend shown below still favors continued USD strength versus our unweighted basket of major currencies (EUR, GBP, JPY, CAD, CHF, AUD).

This more historical view of USD performance indicates the wave C trend is unfinished and should move above a reading of 13 over a period of weeks. At that point, signs of dollar weakness may become more apparent. For now, we're still bullish the dollar.

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Do you trade EURUSD, USDJPY, GBPUSD, AUDUSD, USDCHF, USDCAD, EURJPY, GBPJPY, EURGBP, EURCHF or AUDJPY?   Learn about EWI's round-the-clock intraday, daily and longer-term Forex market coverage.  


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