Very interesting, so DXY broke up from the failing wedge that was ending in 98.8 area and had a massive breakout so the next short term target i expect on DXY is 100.6. I expect that here a wedge-bear flag might be in play, so i am bearish on DXY, not just form TA but also from fundamental perspectives. We got a 61.8% retracement move i drew the fib from the gap candle so we can see why we got a bounce and i discovered that from 61.8% fib retracement, and we got a good bounce from that fib level. I want to say that we have a higher low and we shall see if we make a lower high (C),if we get rejected from 100.6 we might go back to 0.5% fib level (D) and after that one more wave (E), and then the interesting things will start to happen.
If the price will respect the (A-E) targets i expect 96.94 (bearish scenario) or 102.3 ( bullish scenario).
My personal opinion is that we will go down,but we might fill the gap at 102.3 first. But i am bearish on DXY in the mid to long-term.
so are we going down now or some pullbacks are inevitable
CryptonikLion
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@Kunta_kinte, We have a gap up at 102.25 also and pullbacks are inevitable
Kunta_kinte
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im a noob and ready to learn new stuff
Kunta_kinte
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so we should be going up sometime soon??i think its a free fall from here but lets see what happens .Your wedge got broken as well mate.But are gaps always filled?