As mentioned in previous posts. DXY seems poised for higher levels (usd strenght) into year end. The index seem to have broken the neckline of an inverse H&S and we would be targeting at least the area of 96-98 in the next few months. Before turning down once again to new lows in the years ahead towards 2023/24 to complete its regular cycle of 7-8 yrs of strenght, followed by 7-8 yrs of weakness observed since 1985.
交易進行
Dollar index continues to follow our script laid out. Our minimun target is in the 96.25 area (0.5 fib retracement). Ideal target is the 97.75 area (re-test of blue line uptrend and 0.618 fib retracement). Extreme target in the 100 neighbourhood (0.764 fib and H&S target red line).註釋
Our minimum target has been reached at 96.24. We do think there is potential to go higher at least to our ideal target of 97.75; however, short term looks a bit overbought and we are getting a sell signal on TD Sequential (not shown) so partial profit taking could be wise as a correction/consolidation could be on the cards in the short term. will keep an eye on it for more signals.
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