Upward retracement in DXY. Where will it go to?
Hi guys!
Thank you for reading my analysis.
Looking at the weekly chart we can see that price has started turning up. We also have a bullish pintail formed about 4 weeks ago.
Bullish divergence is also spotted in the MACD histogram.
Price is currently trying to move above the 15ema and I believe that the 30 ema (red line) will be the next topside target and it coincides with the ranging area that I've marked as a red box. It also coincides with the 23.6 Fibonacci level.
With a few confluencing points, we may see rejection in that area.
In the meantime, US dollars I believe will remain on an upward trajectory.
Cheers!
DXY
Thank you for reading my analysis.
Looking at the weekly chart we can see that price has started turning up. We also have a bullish pintail formed about 4 weeks ago.
Bullish divergence is also spotted in the MACD histogram.
Price is currently trying to move above the 15ema and I believe that the 30 ema (red line) will be the next topside target and it coincides with the ranging area that I've marked as a red box. It also coincides with the 23.6 Fibonacci level.
With a few confluencing points, we may see rejection in that area.
In the meantime, US dollars I believe will remain on an upward trajectory.
Cheers!
DXY
Founder of ProTradersNetwork.com, home of the TMG Titan traders who uses TMG Titans Pro Tools developed by Ardy.
TMG Pro Tools (MT4) includes: TMG Grid Master Pro, Titan Ranger, Grid Calculator, Titan Timer and TMG Livewire Pro
TMG Pro Tools (MT4) includes: TMG Grid Master Pro, Titan Ranger, Grid Calculator, Titan Timer and TMG Livewire Pro
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