The U.S. Dollar Index (DXY) is currently in a major corrective structure after topping out in 2022. On the monthly chart, price action suggests we are in the final stages of a Wave II correction, with a potential bottom forming around key Fibonacci retracement levels.
The correction appears to be forming a WXY/ABC structure, with wave c in progress.
Price is currently within the 0.618 – 0.786 retracement zone of the prior impulse.
The long term ascending channel from 2008 lows remains intact, with support aligning around this Fib cluster.
A bullish reaction from this zone could trigger the beginning of Wave III, which historically is strong and impulsive.
Invalidation: Sustained break below 87.00 would weaken the bullish count
Targets:
1 = 132.91
2 = 141.88
If this count holds, DXY could be setting up for a multi-year bullish cycle, suggesting that the dollar may regain strength in the coming years, impacting major USD pairs across the board.
Disclaimer:
This analysis is for informational and educational purposes only and does not constitute financial advice. Markets are dynamic and unpredictable.
The correction appears to be forming a WXY/ABC structure, with wave c in progress.
Price is currently within the 0.618 – 0.786 retracement zone of the prior impulse.
The long term ascending channel from 2008 lows remains intact, with support aligning around this Fib cluster.
A bullish reaction from this zone could trigger the beginning of Wave III, which historically is strong and impulsive.
Invalidation: Sustained break below 87.00 would weaken the bullish count
Targets:
1 = 132.91
2 = 141.88
If this count holds, DXY could be setting up for a multi-year bullish cycle, suggesting that the dollar may regain strength in the coming years, impacting major USD pairs across the board.
Disclaimer:
This analysis is for informational and educational purposes only and does not constitute financial advice. Markets are dynamic and unpredictable.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.