Here I have DXY on the 4Hr Chart!
After DXY's failed attempt to rise into the 105's we seen quite the Downslide!
I believe we are witnessing a Correction Wave given that Point A was BROKEN after the failed attempt to go HIGHER AGAIN at Point B!
NOW, with our LOWER LOW @ 102.358, we are seeing Price Retrace into our Fib'd Golden Zone @ ( 103.211 - 103.097 )
With price showing a SOLID move down from this level, this leads me to believe we could see price continue down from here all the way to the Target Range @ ( 101.797 - 101.208 )
Fundamentally, the DXY has a busy Thursday with RETAIL SALES, PPI & Unemployment!
*Adverse results could change the story but ..
Long story short ... BEARISH ON THE DOLLAR!
After DXY's failed attempt to rise into the 105's we seen quite the Downslide!
I believe we are witnessing a Correction Wave given that Point A was BROKEN after the failed attempt to go HIGHER AGAIN at Point B!
NOW, with our LOWER LOW @ 102.358, we are seeing Price Retrace into our Fib'd Golden Zone @ ( 103.211 - 103.097 )
With price showing a SOLID move down from this level, this leads me to believe we could see price continue down from here all the way to the Target Range @ ( 101.797 - 101.208 )
Fundamentally, the DXY has a busy Thursday with RETAIL SALES, PPI & Unemployment!
*Adverse results could change the story but ..
Long story short ... BEARISH ON THE DOLLAR!
( 103.513 - 103.358 )