DXY US Dollar Index Initial Target Hit $94.40. Retrace & Resume?
Updated
DXYI published a chart for DXY at beginning of September(linked below). This video furthers the idea that DXY is in correction mode.
I propose that DXY will make a retracement back to its local trendline, using the 14% retrace of March-September Swing as support now.
Looking for potential bounce from there($93.32 area), then a resumption of the correction to the 38.2% March-September Swing($96.04)
In 2016, after President Trump was elected the DXY proceed to top out soon after in Jan. 2017, until it put in a bottom in Jan. 2018, in correlation to Bitcoin & Crypto Market Bubble.
I expect similar results for the coming election and DXY price correlation. I expect The Donald to win, thus in turn ending the correction for DXY, and resume its drawdown into 2021...If
a one year downtrend ensues for DXY at that point, perhaps we see another bubble for Bitcoin late 2021, early 2022?
What's is your thought? I'd love to know...
Thanks for checking out my analysis!
Note
ABCD Pattern for EURUSD as mentioned became void when EUR extended to $1.1612DXY looking for near term support 93.33 area(14% fib. level of March-September Drawdown) I still maintain a further correction to $95.40 area is on the table for the near term(1-3 months).
Note
Technical Analysis always seems to be confirmed by fundamental events. No stimulus bill 'til after the election = risk off/ ironically DXY safe haven!
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