Here I have DXY on the 4Hr Chart!
After DXY's failed attempt to rise into the 105's we seen quite the Downslide!
I believe we are witnessing a Correction Wave given that Point A was BROKEN after the failed attempt to go HIGHER AGAIN at Point B!
NOW, with our LOWER LOW @ 102.358, we are seeing Price Retrace into our Fib'd Golden Zone @ ( 103.211 - 103.097 )
With price showing a SOLID move down from this level, this leads me to believe we could see price continue down from here all the way to the Target Range @ ( 101.797 - 101.208 )
Fundamentally, the DXY has a busy Thursday with RETAIL SALES, PPI & Unemployment!
*Adverse results could change the story but ..
Long story short ... BEARISH ON THE DOLLAR!
After DXY's failed attempt to rise into the 105's we seen quite the Downslide!
I believe we are witnessing a Correction Wave given that Point A was BROKEN after the failed attempt to go HIGHER AGAIN at Point B!
NOW, with our LOWER LOW @ 102.358, we are seeing Price Retrace into our Fib'd Golden Zone @ ( 103.211 - 103.097 )
With price showing a SOLID move down from this level, this leads me to believe we could see price continue down from here all the way to the Target Range @ ( 101.797 - 101.208 )
Fundamentally, the DXY has a busy Thursday with RETAIL SALES, PPI & Unemployment!
*Adverse results could change the story but ..
Long story short ... BEARISH ON THE DOLLAR!
Note
Correction to the Previous Fib'd Zone!( 103.513 - 103.358 )
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.