Here is what I see:
Confluence of Fibonacci extensions:
green fib 1st impulse 1.618 extension
red fib 2nd impulse 1.618 extension
yellow fib last impulse
blue fib retracement of the HTF move down
purple fib where it may go. We need to finish the up move to properly place this fib.
Other factors: two trend lines because a wicked wick which I chose to disregard but does have some merit.
Strong area of resistance above.
What to look for: A sharp retracement back below the green trend line should indicate the current move is coming to and end with a fairly good retracement back below 94.50. This could also be the start of Z wave so a retest of the 92 and beyond.
A more gradual retracement above the TL would indicate a less intense retracement for another move up. I am suggesting this option would be towards the end of this week or early next week. Look for a break of that retracement for the next big move up.
Personally I am bullish on the DXY for the mid to long term. or until indicators tell me different.
Thank you for your views if you like the idea please let me know with a thumbs up or comment. If you don't like it I would welcome hearing your ideas and point of view. We are all always learning.
Confluence of Fibonacci extensions:
green fib 1st impulse 1.618 extension
red fib 2nd impulse 1.618 extension
yellow fib last impulse
blue fib retracement of the HTF move down
purple fib where it may go. We need to finish the up move to properly place this fib.
Other factors: two trend lines because a wicked wick which I chose to disregard but does have some merit.
Strong area of resistance above.
What to look for: A sharp retracement back below the green trend line should indicate the current move is coming to and end with a fairly good retracement back below 94.50. This could also be the start of Z wave so a retest of the 92 and beyond.
A more gradual retracement above the TL would indicate a less intense retracement for another move up. I am suggesting this option would be towards the end of this week or early next week. Look for a break of that retracement for the next big move up.
Personally I am bullish on the DXY for the mid to long term. or until indicators tell me different.
Thank you for your views if you like the idea please let me know with a thumbs up or comment. If you don't like it I would welcome hearing your ideas and point of view. We are all always learning.
“If you plan on putting your head into the gaping mouth of a lion, it is best to feed him first”