In the foreign exchange market, as part of the analysis of the #USDX index on the lower wave degree of the M15 chart, provided that the integrity of the critical support level 100.353 is maintained, the completion of the current downward corrective phase is projected using a "double zigzag" pattern.
The comprehensive multi-timeframe analysis conducted to reach this conclusion includes the following tools: 1) Elliott Wave Analysis (EWA): Used to determine the structure of price movements. 2) MACD histogram: Applied to assess the strength of momentum and identify reversal signals, as well as to confirm the wave degree in the hierarchy of Wave Analysis notations. 3) Smoothed exponential moving averages with periods 55, 89 and 144: Used to determine the trend direction and key support and resistance levels; in addition, the MA crossover (together with the MACD histogram) confirms the wave degree in the hierarchy of Wave Analysis notations. Priority in the analysis is given with regard to correlation with other related markets, where strengthening of the US dollar is also expected, as well as the probability of realization of technical and wave analysis patterns.
