Around the current price (99,251), price movement has begun to slow and is stuck within the Major Demand Zone.
Although sellers exerted pressure, the emergence of a lower wick in this series of consolidation candlesticks indicates accumulation or initial buying interest attempting to prevent a further decline in the DXY.
The impulsive decline from the premium level above is considered the completion of a long Wave 3 expansion or the final stages of completing Wave 5 within the microcycle.
Because the price has entered the area of major lower demand and is approaching the psychological level of 99,000, this bearish momentum is vulnerable to selling exhaustion.
The market has high potential to enter a Corrective Wave phase (Upward Correction) to ease the oversold indicator before determining the direction of the major trend.
Although sellers exerted pressure, the emergence of a lower wick in this series of consolidation candlesticks indicates accumulation or initial buying interest attempting to prevent a further decline in the DXY.
The impulsive decline from the premium level above is considered the completion of a long Wave 3 expansion or the final stages of completing Wave 5 within the microcycle.
Because the price has entered the area of major lower demand and is approaching the psychological level of 99,000, this bearish momentum is vulnerable to selling exhaustion.
The market has high potential to enter a Corrective Wave phase (Upward Correction) to ease the oversold indicator before determining the direction of the major trend.
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Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.