bruceyam

short term rebound for DXY, good place to sell the main trend

TVC:DXY   U.S. Dollar Currency Index
The DXY start descending since Jan 2017, and now it's time for the prolonged drop to rebound. use Fibonacci retracement 38.2%. the DXY will hit 94.10. so we should be heading a rebound of USD for at least 2-3 months.
A down trend impulse leg has been seen from 103.9 to 88.04. so we should expect a more downside for DXY after this 2nd wave rebound.
From cycle analysis the DXY should hit the bottom around May-June 2023.
Comment: the rebound go beyond 94.1. however it's not be able to close about 95 and actually . In April comment claims a 2-3 months rebound and now it's due to correction. we should target 93.5-93. It's trying to form a right shoulder. but as we are looking for a a-b-c rebound pattern the right shoulder like area should be a good place to long DXY again.

Comments

I like your chart,I couldn't agree with you more.
Follow me.
We can do more discussion,
and you can refer to my publish.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out