Analyzing the USD's Drop: Election Impact and Wave Study
The US Dollar continued to trade lower, closing the week at 103.22, indicating ongoing uncertainty with this currency pair. The current market sentiment reflects significant fear and a perception that the Federal Reserve lacks a clear direction.
From a technical standpoint, we are operating under the assumption that the movement from the July 2023 lows is forming a triangle pattern. We are identifying potential support in the 102.35-101.90 range as potential end for wave D.
Given the upcoming US elections, there is little expectation for positive momentum for the USD as a currency. Therefore, our strategy will be to proceed cautiously and respond to market signals as they emerge.
From a technical standpoint, we are operating under the assumption that the movement from the July 2023 lows is forming a triangle pattern. We are identifying potential support in the 102.35-101.90 range as potential end for wave D.
Given the upcoming US elections, there is little expectation for positive momentum for the USD as a currency. Therefore, our strategy will be to proceed cautiously and respond to market signals as they emerge.
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