Below we have a simple ABCD pattern forming - currently progressing B-C. The following are noteworthy; 1 - Weekly candlesticks are bearish moves, we can predict further bearish activity; 2 - MA's have crossed over bearish on both daily and weekly timeframes; 3 - A smaller ABCD pattern completes at leg C of overriding pattern; and 4 - point C (or D of smaller ABCD...
Entries for Shorts @ 95.50 96.00 Stop Loss @ 98.00 Take Profit at @ 93.00, 92.00 DXY failing to make any new highs Weakness has been sighted along with some fundamentally bad news. Long term I think it is highly possible that it could go as far as 88.00 but why not reap the rewards on the way. Posting Lower highs, AB was a nice downwards leg and CD is a...
Let's keep it simple... Reached the target mentioned days ago (link below), between the 50% and 61.8% fib from A to B, now, consolidation time (lower time frame), and retracement should be next. Target, the 31.8% fib from B to C, synced with previous structure, around 95.75 Note: similar inverted movement expected in the pair eur/usd.
I'm expecting DXY to move up to 50% Fib Extension, that will sync the structure with past lower lows from March / April, and then to complete a retracement from all this uptrend, moving down, between 50% and 61.8% fib retracement. Similar movement (inverted), expected with Euro/Dollar pair. Have nice trades.
One retracement is one retracement... On top of the weekly support, broken the 23.6% fibo, target for 38.2% or even 61.8% of fibo...
Dollar is trading at a large support area. I expect to see EITHER a strong bounce off support for a more quicker reversal, or a long slow push through support. If the bearish momentum is strong enough to push through support i don't expect this to be a quick process.
Technical Analysis for DXY_May_2015 The DXY (Dollar Index) has broken the fibs_re_0.236@95.60. This support level was broken and now becomes resistance for DXY. A further support for DXY will be occurred in the next days(before 08/05/2015) to reach the support 2 level @92.57. On 08/05/2015 there will NFP be released and a strong volatility for DXY and other...