DXY: Revisiting Channel Top
DXY has hit my price target of 105.4, as mentioned in my previous post.
I now think it retraces back to the channel top. This corresponds to roughly 103. I expect it to drop down there late Sep to early Oct.
Depending on economic conditions and market sentiment, we can either find support at 103 or fall back into the channel, most likely signaling a false breakout. If this move outside of the channel was a false breakout, we will most likely seen a breakdown under the channel in the long term.
For now, I expect it to hit the red target box, which is also where the 21W EMA and 20W MA are hovering.
I now think it retraces back to the channel top. This corresponds to roughly 103. I expect it to drop down there late Sep to early Oct.
Depending on economic conditions and market sentiment, we can either find support at 103 or fall back into the channel, most likely signaling a false breakout. If this move outside of the channel was a false breakout, we will most likely seen a breakdown under the channel in the long term.
For now, I expect it to hit the red target box, which is also where the 21W EMA and 20W MA are hovering.
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