The DXY has broken the short-term downtrend and found clear upward support from the Fibonacci %61.8 level of the primary uptrend. According to the Elliott Wave theory, the price, having completed the 1st wave of a new uptrend, is now poised to finish a complex ABC correction before the 2nd upward wave. Prior to the uptrend, a retracement towards the range of 103.20-103.40 could be observed for the ABC correction.
After the completion of the ABC correction, the primary target for the 2nd wave will be the Fibonacci 23.6 level at around 105.50, which also coincides with the resistance level of the previous peak.
After the completion of the ABC correction, the primary target for the 2nd wave will be the Fibonacci 23.6 level at around 105.50, which also coincides with the resistance level of the previous peak.
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