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EW Analysis: USD Dollar Index May Face Limited Downside
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Hello traders!
Today we will talk about US Dollar -DXY - USD Index.
DXY was in a big sideways consolidation since March, ideally within a bearish triangle in wave B. Currently, we can see it finally breaking into new lows for wave C that can stop in the 97.50 - 96.50 support zone around important 61,8% - 78,6% Fibonacci retracement and from where we may see a bullish reversal at least in three waves, maybe even back to 103 highs, but to confirm our view, we need to see a bounce and recovery back above 100 region.
What we want to point out is that if you are familiar with Elliott Waves, then you know that triangles cannot occur in wave 2, so it must be a B wave, followed by the final wave C decline and then the whole structure looks corrective within uptrend.
We just want you to be careful at this stage, so don't fall in love with bears just yet, because even stocks can be trading at extreme levels and with a potential sell-off, USD Dollar may be a safe-heaven again.
If you like what we do, then please support/follow us!
Trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about US Dollar -
DXY - USD Index.DXY was in a big sideways consolidation since March, ideally within a bearish triangle in wave B. Currently, we can see it finally breaking into new lows for wave C that can stop in the 97.50 - 96.50 support zone around important 61,8% - 78,6% Fibonacci retracement and from where we may see a bullish reversal at least in three waves, maybe even back to 103 highs, but to confirm our view, we need to see a bounce and recovery back above 100 region.
What we want to point out is that if you are familiar with Elliott Waves, then you know that triangles cannot occur in wave 2, so it must be a B wave, followed by the final wave C decline and then the whole structure looks corrective within uptrend.
We just want you to be careful at this stage, so don't fall in love with bears just yet, because even stocks can be trading at extreme levels and with a potential sell-off, USD Dollar may be a safe-heaven again.
If you like what we do, then please support/follow us!
Trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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