velmunis

DXY is out of the ranging territory USD buyers will be happy

Long
TVC:DXY   U.S. Dollar Currency Index
DXY manage to break the losing streak from March to August end. From this month DXY has broke the resistance level 94.00 which is comes around .382 Fibonacci retracement level

Broke and retest was happened today This will give some conviction to buy the USD. As EURUSD and DXY tend to move in a opposite direction and today EURUSD is also makes some lower correction

DXY passed some major psychological hurdles such as 92,93,94 and next near-term target would be 95.00. After touching the 92.75 level strong bullish candle was formed. 92.75 level acted as a resistance for the bearish trend

On Elliot wave principal the wave 02 was completed and the 03 wave was underway. Before this impulse wave correction we can see the Elliot triangle waves from A to E

The swing target would be 96. 40 which will act as major resistance for the bull. Buyers of the US dollar will be happy enough as DXY manage to move above the ranging territory

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