USD INDEX EoD Chart
The above Chart is of USD Index. In Early March the USD index topped out which trigerred the massive rally in GLOBAL EQUITIES. Now the Daily Chart USD Index is showing some signs of bottoming out.RSI is making higher lows while prices are making lower lows which signals that USD is in process of bottoming out or consolidating before notching upward. If USD bottoms out and starts moving (Which will happen soon based on technical indicators) up will impact adversely the GLOBAL EQUITIES. Small to Medium term correction could be trigerred in GLOBAL EQUITIES. Also All GLOBAL INDICES are trading near major resistance which will act as strong barrier for all GLOBAL INDICES.
Now why we are giving so much importance to USD Index???
The answer is in past USD Index has inverse co-relation with EQUITIES.
In Early March the USD Index topped out (Highlighted with BLUE Circle) & at the same time Massive Rally started in GLOBAL EQUITIES. Now according to ELLIOTT WAVE USD Index ended 5 wave corrective phase & Equities may be in its 5th wave.
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