DXY: New ATH or a retracement lower? Nov. wk 3
It's important to keep in mind previous price action when trying to assess both a currency pair and it's index at the same time. Let's not forget the freefall from the current all time highs through to 97, a drop of 2.5%.
After last weeks run up through both of our targets, we are now expecting a retracement within the current structure for the DXY. We expect one of the fibs to go inline with the monthly resistance level of 98.5 to provide us some nice targeted entries. Thus, our bias is neutral as there remains upside potential on the 4-hrly timeframe, where we can use the zones drawn in the chart to cororelate with our USD/xxx and xxx/USD based trades.
Looking at the weekly timeframe, we can see very choppy price action that continues to maintain it's bullish long term price action towards our target established back in May of 100.
After last weeks run up through both of our targets, we are now expecting a retracement within the current structure for the DXY. We expect one of the fibs to go inline with the monthly resistance level of 98.5 to provide us some nice targeted entries. Thus, our bias is neutral as there remains upside potential on the 4-hrly timeframe, where we can use the zones drawn in the chart to cororelate with our USD/xxx and xxx/USD based trades.
Looking at the weekly timeframe, we can see very choppy price action that continues to maintain it's bullish long term price action towards our target established back in May of 100.
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