USDollar Is In Higher Degree Recovery Mode

Dollar Index with ticker DXY has turned bearish after the corrective rally stopped at 105.70-106, an important resistance area at the end of June. Since then, the price even accelerated lower through summer so it appears that a bearish impulse, but with current sharp bounce out of an ending diagonal on 4h TF, we believe that correction is now in play. Notice thats a very sharp leg up, so its wave a, still first leg of a minimum three-wave a-b-c recovery that can take index back to 61.8% Fib, near 104 which can be very strong resistance for the next sell-off, especially if we consider that this can be wave 2 rally.

ew-forecast

👉wavetraders.com/elliott-wave-plans/

Learn Elliott Waves
👉 wavetraders.com/academy/

Newsletter Sign up
👉 bit.ly/3FVPVzO

Also on:

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.