Since my last update on DXY, it has reached the 104 region on April 4. It has moved upwards since and an impulsive five wave has been formed with a possible expanding diagonal as wave 5 as depicted on the 15 mins' chart. The nonfarm payroll of 330,000 jobs, more than the expected 200,000 jobs, have triggered a sharp rise in DXY from 104.2 to 104.7. We label this sharp rise as wave iv of the expanding diagonal. This was followed by a sharp retracement of 61.8% of the entire impulsive wave.
I am not certain if the retracement is completed or there is a possibility that it may move slightly lower as labelled in the chart. But nonetheless, the end is near and it should be heading up north again soon!
I am not certain if the retracement is completed or there is a possibility that it may move slightly lower as labelled in the chart. But nonetheless, the end is near and it should be heading up north again soon!