Based on the larger fractal patterns and recent price action, I believe that 106 will send DXY down into the low 90s before any chance of support is discovered.
Comment:
Correction: Considering the downward motion from 114 to 100*
Before 111 comes, considering the move from 100 to 106, DXY should make a 78.6% retracement to 102 for support. The 38% fib level has already failed to hold its weight.
Before 111 comes, considering the move from 100 to 106, DXY should make a 78.6% retracement to 102 for support. The 38% fib level has already failed to hold its weight.
Comment:
The anticipated run to 111 has been invalidated through price action, instead DXY should see its ultimate bear target of 92-93 sooner than most recently expected. Those who push the narrative of "the Dollar dying soon" will soon be in for a rude awakening.
As always, trade/invest based on technical analysis/the chart and don't let the news lead you astray. Until next time, stay safe and don't drown.
As always, trade/invest based on technical analysis/the chart and don't let the news lead you astray. Until next time, stay safe and don't drown.
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Considering the downward motion from 114 to 101, it seems that the 38% correction recently made to 106 will not be high enough. With the RSI levels so low (D), its unlikely that another strong bear move is ready.
The next most common level for B Wave is 78.6%. Sitting at 111, I think investors will send Dixie to this level and make room for more downside correction while doing so.
Ultimately, it is my belief that DXY will see 93-94 prior to finding ground for more progressive upside action. Many think DXY is dying right before our eyes but another macro bull move currently hangs in the balance.