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.(Click on image to enlarge)
DXY 4H Chart For a detailed view you may want to watch below our video analysis:For more analysis like this, you can join our live webinar today on Monday October 07 2024 @ 15.00CET:More By This Author:
USDollar Is In Higher Degree Recovery Mode
