How High Can The DXY Go Without A Correction?? SHORT then LONG?
The Dollar is surging and nothing seems to be stopping it the DXY has been rallying for nearly 16 months straight without a correction. We have just taken out the 2002 September high this also being at a SUPPLY/SELL zone from 2002.
I suspect we may get a short term correction soon down towards the newly created DEMAND/BUY zone between 103.5 -100 this would be a nice area for buyers to come back in.
If the correction does happen the long term target could well be above the 117 level which is also a SUPPLY/SELL zone which sits bang on the 50% level of the overall range taken from the overall highest to lowest points you would expect strong selling here.
Giving the current moves on the dollar it could literally run straight up to the 117 area without stopping though i suspect a correction to 103 will happen I will wait for a weekly or daily close back inside 110 area and a SELL signal on my indicator to occur to confirm the correction.
If it does correct to the 103 area i will again wait for confirmation BUY signal and price action to reconfirm the move up.
I suspect we may get a short term correction soon down towards the newly created DEMAND/BUY zone between 103.5 -100 this would be a nice area for buyers to come back in.
If the correction does happen the long term target could well be above the 117 level which is also a SUPPLY/SELL zone which sits bang on the 50% level of the overall range taken from the overall highest to lowest points you would expect strong selling here.
Giving the current moves on the dollar it could literally run straight up to the 117 area without stopping though i suspect a correction to 103 will happen I will wait for a weekly or daily close back inside 110 area and a SELL signal on my indicator to occur to confirm the correction.
If it does correct to the 103 area i will again wait for confirmation BUY signal and price action to reconfirm the move up.
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