DXY POTENTIALLY TO SET BEARISH CYPHER
Cypher Pattern Rules:
- Point B is the Fibonacci retracement of point XA of 0.382 to 0.618
- Point C is an extension of XA of at least 1,272 or between 1,130 - 1,414
- Point D is the Fibonacci retracement of the XC point of 0.782
DXY has the potential to form a similar formation, with point B of 0.32 and point C a little longer at 1.667. DXY also managed to move up to form an uptrend channel after touching this year's low at 88.25 points, if DXY successfully maintains to move in the uptrend channel then there is a possibility that DXY will finish the pattern by touching 99-100. If this happens.
The key point is if the DXY slumps and exits the uptrend channel and continues to penetrate 88.25, the failed pattern is formed, meaning that as long as the pattern has not been formed, it will still be a lot of possibilities. But if the pattern is successfully formed until it is finished then it will be very helpful to project the next DXY trend, here the pattern formed is bearish cypher.
- Point B is the Fibonacci retracement of point XA of 0.382 to 0.618
- Point C is an extension of XA of at least 1,272 or between 1,130 - 1,414
- Point D is the Fibonacci retracement of the XC point of 0.782
DXY has the potential to form a similar formation, with point B of 0.32 and point C a little longer at 1.667. DXY also managed to move up to form an uptrend channel after touching this year's low at 88.25 points, if DXY successfully maintains to move in the uptrend channel then there is a possibility that DXY will finish the pattern by touching 99-100. If this happens.
The key point is if the DXY slumps and exits the uptrend channel and continues to penetrate 88.25, the failed pattern is formed, meaning that as long as the pattern has not been formed, it will still be a lot of possibilities. But if the pattern is successfully formed until it is finished then it will be very helpful to project the next DXY trend, here the pattern formed is bearish cypher.
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