All eyes on daily supply at 98.18/98.65?
The rebound from daily support at 95.84 and recent completion of a daily AB=CD pattern at 96.16, regarded as a basic bullish configuration among harmonic traders, witnessed additional recovery gains last week.
Finishing the week +0.6%, the US dollar index, or DXY, could experience a further surge in demand this week until crossing paths with daily supply at 98.18/98.65. Accommodated within this zone, traders will also note additional resistance by way of the 200-day simple moving average at 98.40, a 38.2% daily Fib level at 98.51 and a 161.8% daily Fib ext. level at 98.52. Note the 38.2% Fib represents a common initial take-profit target out of AB=CD patterns.
In addition to the above, late May witnessed price push through the lower limit of a large bearish pennant configuration (98.27). Traders following this pattern will, therefore, still acknowledge the possibility of moves eventually forming as far south as 93.97: the pennant take-profit target, measured by taking the preceding move and adding the value to the breakout point (yellow).
Finishing the week +0.6%, the US dollar index, or DXY, could experience a further surge in demand this week until crossing paths with daily supply at 98.18/98.65. Accommodated within this zone, traders will also note additional resistance by way of the 200-day simple moving average at 98.40, a 38.2% daily Fib level at 98.51 and a 161.8% daily Fib ext. level at 98.52. Note the 38.2% Fib represents a common initial take-profit target out of AB=CD patterns.
In addition to the above, late May witnessed price push through the lower limit of a large bearish pennant configuration (98.27). Traders following this pattern will, therefore, still acknowledge the possibility of moves eventually forming as far south as 93.97: the pennant take-profit target, measured by taking the preceding move and adding the value to the breakout point (yellow).
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