Forecasting DYX on a Monthly timeMarket move in an impulsive wave and correction wave
Let ask ourselves this question what is going to happen for the years coming ?
If we just follow market structure we can clearly see that dollar index is still strong and will probably continue to go high
Everything is shown on the chart
What do you think ?
Dyxlong
USDX bounced nicely off its support, potential to rise further!USDX bounced nicely off its 1st support at 93.74 (100% Fibonacci extension, 23.6% Fibonacci retracement, 50% Fibonacci retracement, horizontal swing low support) where price could possible fall back to before rising to its major resistance at 94.49 (61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced nicely off its support at 4.7% where a corresponding rise could occur.
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