ðēDXY Correction before continuing declines
ðēIn today's post we will look at the situation on the dollar index.
ðēAs in last post I perfectly predicted the declines by presenting my observations on current monetary policy in the US, I refer to the material below:
ðēThis time I think there is a chance to make an upward correction in the downtrend.
ðēI have used several technical analysis tools on the chart, I will describe each one separately below:
ðē1. I have determined the downward channel of the downtrend
This has been respected many times in the past, as we can see we are currently below it, and there is a high probability of a return to the middle.
ðē2 I measured the fibo waves from the peak to the current low. The levels could provide resistance in the future
ðē3 I measured the biggest correction in the downward momentum and came up with the level of the 1:1 equality of the biggest correction falling at the level of 110.168
ðē4 I have set a support zone at current levels, we can see that this price level has been a zone of interest in the past.
ðē5 I determined a resistance zone, based on the 0.382 level cluster of the downward wave and the 1:1 range of the largest upward correction. The location on the chart is not coincidental, price has found solid support at these points in the past
ðēThe scenario I'm playing out is for a correction to the resistance zone from where the next downward wave will start, all due to a weakening dollar based on the ever-closer valuation of the peak of the interest rate hike and falling inflation. For more fundamental data, I refer you to my previous post on the dollar
ðē*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.
ðIf you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.ð
ðēIn today's post we will look at the situation on the dollar index.
ðēAs in last post I perfectly predicted the declines by presenting my observations on current monetary policy in the US, I refer to the material below:
ðēThis time I think there is a chance to make an upward correction in the downtrend.
ðēI have used several technical analysis tools on the chart, I will describe each one separately below:
ðē1. I have determined the downward channel of the downtrend
This has been respected many times in the past, as we can see we are currently below it, and there is a high probability of a return to the middle.
ðē2 I measured the fibo waves from the peak to the current low. The levels could provide resistance in the future
ðē3 I measured the biggest correction in the downward momentum and came up with the level of the 1:1 equality of the biggest correction falling at the level of 110.168
ðē4 I have set a support zone at current levels, we can see that this price level has been a zone of interest in the past.
ðē5 I determined a resistance zone, based on the 0.382 level cluster of the downward wave and the 1:1 range of the largest upward correction. The location on the chart is not coincidental, price has found solid support at these points in the past
ðēThe scenario I'm playing out is for a correction to the resistance zone from where the next downward wave will start, all due to a weakening dollar based on the ever-closer valuation of the peak of the interest rate hike and falling inflation. For more fundamental data, I refer you to my previous post on the dollar
ðē*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.
ðIf you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.ð
āļāļ§āļēāļĄāļāļīāļāđāļŦāđāļ:
Bottom defended, an upward session is in the pipeline
ðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦ
ðē To keep up to date with all my activities I invite you to visit my Telegram ðē
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ðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦ
ðē To keep up to date with all my activities I invite you to visit my Telegram ðē
ðē www.t.me/Investmatez ðē
ðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦ