short term rebound for DXY, good place to sell the main trend
Updated
The DXY start descending since Jan 2017, and now it's time for the prolonged drop to rebound. use Fibonacci retracement 38.2%. the DXY will hit 94.10. so we should be heading a rebound of USD for at least 2-3 months.
A down trend impulse leg has been seen from 103.9 to 88.04. so we should expect a more downside for DXY after this 2nd wave rebound.
From cycle analysis the DXY should hit the bottom around May-June 2023.
A down trend impulse leg has been seen from 103.9 to 88.04. so we should expect a more downside for DXY after this 2nd wave rebound.
From cycle analysis the DXY should hit the bottom around May-June 2023.
Note
the rebound go beyond 94.1. however it's not be able to close about 95 and actually . In April comment claims a 2-3 months rebound and now it's due to correction. we should target 93.5-93. It's trying to form a right shoulder. but as we are looking for a a-b-c rebound pattern the right shoulder like area should be a good place to long DXY again.
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