DXY: The 0.618RET and the Combined Bullish 1.272AB=CD Pattern
The DXY has fallen from the beginning of this year,now it is half of this year, will it continue to drop or start to reverse?
The FOMC's Interest rate decision is coming soon,and it may trigger a great reaction to the market, especially to DXY .
The DXY may face a strong support now.
1.The 0.618RET of the previous rise from 91.9 to 103.8 is at 96.47 level;
2.The white 1.272AB=CD pattern will complete at 96.40 level and the 2.0REXT of B-C is at 96.22;
3.The green 1.272AB=CD pattern will complete at 96.27 level and the 2.618REXT of B-C is at 96.25;
4.The good Demand Zone is at 95.96-96.33 levels;
5.The RSI has been divergent already.
In summary, the 96 level is very important and the DXY may won't drop further after this FOMC's decision.
So it is good to buy at 95.96-96.33 levels when the price action gives signals in the PRZ.
SL: below 95.0
TP1: 99.0
TP2: 100
TP3: 103 and further more
If the market breaks out the 95 level, 93.5 even lower will be likely to be seen in future.
Let's wait and see where the market moves next.
The FOMC's Interest rate decision is coming soon,and it may trigger a great reaction to the market, especially to DXY .
The DXY may face a strong support now.
1.The 0.618RET of the previous rise from 91.9 to 103.8 is at 96.47 level;
2.The white 1.272AB=CD pattern will complete at 96.40 level and the 2.0REXT of B-C is at 96.22;
3.The green 1.272AB=CD pattern will complete at 96.27 level and the 2.618REXT of B-C is at 96.25;
4.The good Demand Zone is at 95.96-96.33 levels;
5.The RSI has been divergent already.
In summary, the 96 level is very important and the DXY may won't drop further after this FOMC's decision.
So it is good to buy at 95.96-96.33 levels when the price action gives signals in the PRZ.
SL: below 95.0
TP1: 99.0
TP2: 100
TP3: 103 and further more
If the market breaks out the 95 level, 93.5 even lower will be likely to be seen in future.
Let's wait and see where the market moves next.
Trade active:
The DXY has rallied as expected.
Trade closed: stop reached:
Just 90 pips were taken.