This looks remarkably similar to the DXY slip in May this year.
- Point A shows the attempted recovery from 18th/May ~ 19th/May however fell lower within a day - Point B shows similar patterns which shows recovery however will fall within a day.
Projected high move to hit 96.44 and fade.
Projected DXY to be 94.5 by end of this month. DXY has been avoiding patterns and showing impulse movements to bait retail traders which in turn reverses after 24 hour period. This is the new day of Q3 and start of new financial quarter which psychologically may portray a "fresh start" image for the heavily fading US dollar in the past quarter. I believe this would be a fake out and will reverse within 96.2 ~ 96.4 down to 94.5 by the end of this month.
Please trade with care. This is only my opinion from backtesting.
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We have a beautiful long doji candel at daily timeframe. We could see an explosion to the upside or downside however my biased opinion is more to the downside
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Hi Seildev here,
The DXY has been slipping quite heavily as of 2017. We've predicted the sudden surge of DXY at the start of July was a false signal. Now that DXY has slipped further below than 94.52, we could be setting our sights to 92.75 in the up coming months. However if in case that DXY can get a lift we will see a bounce back to 95.58 then we can look at further slip down depending on how the market will respond to the 3 rate hikes.
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Further update to above, now that we have hit 92.75 we are most likely to see a long in DXY going up to 95.58 by end of August.