The DXY dropped quickly because of Trump's scandle but will it continue to fall?The answer may be NO.
The combined bullish AB=CD patterns will complete and work.
The white AB=CD pattern completed at 97.6 and the 1.618EXT of BC is at 97.37 in the daily chart.
The green AB=CD pattern will complete at 97.07 and the 2.0EXT of BC is at 97.10 in the chart.
Meanwhile the Demand Zone is at 97.05-97.25 levels which is also the lower edge of the downward channel.
What is more,the RSI has been divengent already.
In summary,the DXY may get to the short-term bottom and may reverse next.
So it is good to buy at 97.0-97.4 levels when price action gives signals in the PRZ.
SL:below 97.0
TP1:98.5
TP2:99.65 and further more
If this zone is broken out,95.9-96.2 will be seen in the future.
The combined bullish AB=CD patterns will complete and work.
The white AB=CD pattern completed at 97.6 and the 1.618EXT of BC is at 97.37 in the daily chart.
The green AB=CD pattern will complete at 97.07 and the 2.0EXT of BC is at 97.10 in the chart.
Meanwhile the Demand Zone is at 97.05-97.25 levels which is also the lower edge of the downward channel.
What is more,the RSI has been divengent already.
In summary,the DXY may get to the short-term bottom and may reverse next.
So it is good to buy at 97.0-97.4 levels when price action gives signals in the PRZ.
SL:below 97.0
TP1:98.5
TP2:99.65 and further more
If this zone is broken out,95.9-96.2 will be seen in the future.
Trade active
Comment:
Corrective SL:below 96.7
