DXY The uptrend is only halfway there. Still time to buy.

The U.S. Dollar Index (DXY) gave us the most optimal buy entry last time we analyzed it (December 28 2023, see chart below), exactly at the bottom of the 1-year Channel Up:


Our perspective hasn't changed, this is the new Bullish Leg of the Channel Up but this consolidation is simply a standard technical re-accumulation within the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line), which is exactly what took place during the previous Bullish Leg around the 1D MA50 (August 03 - 10). Even the 1D RSI indicates that we are on a symmetric Bullish Leg.

Our first Target remains the same (104.500), which is exactly on the 0.5 Channel Fibonacci and marginally below the horizontal 0.618 Fibonacci level. If after that the price pulls-back and re-tests the 1D MA200 and holds as in late August 2023 (i.e. close the 1D candle above it), we will buy again and target the 0.786 horizontal Fibonacci level at 15.900.

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