Dollar sitting at steel support...
We are currently sitting at key support in the sell-off since May, the only level in play for this coming week is 95.86 ... as widely mentioned in previous ideas (see attached for the archived charts) the impulsive nature shows potential for continuation towards 94.
Assuming the market does break down, the minimum target for the 3rd wave will be down at 94.68. A 5th wave will then continue towards the September 2018 lows, naturally this is all contingent in a break of 95.86.
To the topside, if this ABC is corrective (low odds) then resistance comes into play at 97.19; which is the 38.2% retrace. To put simply, if you are a bear you are tracking for a break of 95.86 to consider riding the impulsive wave down. The view will need reassessing above 96.65 as invalidation for the impulse comes in there.
Best of luck all those riding the USD devaluation
Assuming the market does break down, the minimum target for the 3rd wave will be down at 94.68. A 5th wave will then continue towards the September 2018 lows, naturally this is all contingent in a break of 95.86.
To the topside, if this ABC is corrective (low odds) then resistance comes into play at 97.19; which is the 38.2% retrace. To put simply, if you are a bear you are tracking for a break of 95.86 to consider riding the impulsive wave down. The view will need reassessing above 96.65 as invalidation for the impulse comes in there.
Best of luck all those riding the USD devaluation
Related publications
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.