Overnight, the DXY traded lower, driven by 2 main factors.
1) The release of lower-than-expected CPI data at 2.3%
2) Rejection of the long-term bearish trendline and the area of confluence formed by the 61.8% and 38.2% Fibonacci retracement levels from the longer term.
If the DXY breaks below the 38.2% Fibonacci retracement level of the shorter term, we could expect to see further downside, toward the target level of 100.
This round-number level would align with the 61.8% Fibonacci retracement level and the short-term bullish trendline.
1) The release of lower-than-expected CPI data at 2.3%
2) Rejection of the long-term bearish trendline and the area of confluence formed by the 61.8% and 38.2% Fibonacci retracement levels from the longer term.
If the DXY breaks below the 38.2% Fibonacci retracement level of the shorter term, we could expect to see further downside, toward the target level of 100.
This round-number level would align with the 61.8% Fibonacci retracement level and the short-term bullish trendline.
Join my mailing list jindaotai.com/joinme
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join my mailing list jindaotai.com/joinme
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.