I don't usually post DXY
charts because you can't track volume
to determine clusters, but I think it's important to explain what I see and why I believe DXY
will continue it's bull run. The lines in this chart are not clusters, they are just traditional S/R lines. So, first we can see that PA has broken out of a wedge
or triangle formation. Typically, when PA breaks, it will reach at the least the first 61.8 extension, which PA has not. Also, oddly enough if we look at estimated movement based on triangle range, we see it aligns perfectly with the first 61.8 extension. And then even more evidence by how the 61.8 fib level and break range estimate both fall perfectly on a strong resistance line? We could look further and see how the upper resistance line also lines up with the 1.618 extension
for a possible move even higher after hitting the first resistance line. I mean, how much more do you want? Bull.
We had some bad news for NFP, but I think we'll see either a quick recovery and shoot up or possibly a bit of ranging and then up. I'll be bull until it breaks that major TL.