Update on the US Dollar: What next?
Obviously it is still in a bullish move. But when will it likely turn town again? We are now at a .62 correction of the drop from A to B (on the monthly chart. Also are at the top of the potential channel I've drawn on the weekly chart. We have a negative reversal followed by a bearish divergence on the monthly RSI and a bearish divergence on the weekly so it is possible we are at the point of reversal. HOWEVER often in a a-b-c-correction there is a fib relationship between c and a. On the monthly chart C= 1.62X A at the .78 correction level and this too would be an very likely level for reversal. So will continue to watch for price action signs of of reversal. If we continue higher from here then would not be surprised to see a rise to the .78 level (around 109.60 level on the DXY).
Feedback always appreciated.
Feedback always appreciated.
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