This is DXY's monthly correction scenario.
Currently, the daily downtrend continues. Since the current position is also in the daily supply zone, the low can be updated if the daily correction trend line of the new downward wave continues to be drawn.
If there is a message at this week's FOMC meeting about the pace of rate hikes, it could provide momentum for the decline to continue until the employment data for December is released.
If the employment indicators for December are good or the rate hike is not slowing down, a monthly upward wave may appear and rise until early next year.
Conversely, if the rate of interest rate hike in December is reduced, it can be a very large correction pattern of the W-X-Y structure, and a downward wave may occur until early next year.
Currently, the daily downtrend continues. Since the current position is also in the daily supply zone, the low can be updated if the daily correction trend line of the new downward wave continues to be drawn.
If there is a message at this week's FOMC meeting about the pace of rate hikes, it could provide momentum for the decline to continue until the employment data for December is released.
If the employment indicators for December are good or the rate hike is not slowing down, a monthly upward wave may appear and rise until early next year.
Conversely, if the rate of interest rate hike in December is reduced, it can be a very large correction pattern of the W-X-Y structure, and a downward wave may occur until early next year.
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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.