USD Index Upside May be Limited to Max 97.80/98.00
My previous analysis and projection of DXY had price turning
to the downside at the 200SMA level already, currently at about
the 94.80 level. Should price rally just slightly beyond that
level then I presume the next target would be 97.80/98.00
level which is the 61.8% retracement level measured from
103.82 to 88.253.
But that may be as high as price will go in the medium term.
The breach of the lower Bullish Wolfe Wave trend line
enabled the recent surge of DXY, however, as you can see
the upside is fairly limited by the extended Bullish Wolfe
Wave's upper trend line, allowing price to reach the 61.8%
retracement level at least but that may be as far price
may go.
As with my previous DXY analysis, in this one, too, I believe
price will eventually reach the 84/82 levels.
So beware of long trades regarding the USD as there might
be more bearish pressure building up.
Happy trading
to the downside at the 200SMA level already, currently at about
the 94.80 level. Should price rally just slightly beyond that
level then I presume the next target would be 97.80/98.00
level which is the 61.8% retracement level measured from
103.82 to 88.253.
But that may be as high as price will go in the medium term.
The breach of the lower Bullish Wolfe Wave trend line
enabled the recent surge of DXY, however, as you can see
the upside is fairly limited by the extended Bullish Wolfe
Wave's upper trend line, allowing price to reach the 61.8%
retracement level at least but that may be as far price
may go.
As with my previous DXY analysis, in this one, too, I believe
price will eventually reach the 84/82 levels.
So beware of long trades regarding the USD as there might
be more bearish pressure building up.
Happy trading