continue to rise up and possibly much higher
My last week's DXY analysis went completely to the wrong direction. Given it has reached to 94.5 and retraced in the last hours, I expect dollar to continue rise up with everyone expecting better US economy data release later this week.
However on the 4H it did show DXY attempted to test 94.5 and failed, on Thursday and started to descend on last Friday, so I think the retracement can go a bit lower to retest 93.73 - 93.81 area before another ride up.
Uptrend brodening wedge is also identified, so if US data is not negative, it should continue to rise up.
NOTE: target 74.768 this week; trading panel is for potential possibility of next 2-3 weeks.
HOWEVER, it the US data to be agressively negative, it should then start a new wave going back down, targeting the lower end around 92.4.
GL
However on the 4H it did show DXY attempted to test 94.5 and failed, on Thursday and started to descend on last Friday, so I think the retracement can go a bit lower to retest 93.73 - 93.81 area before another ride up.
Uptrend brodening wedge is also identified, so if US data is not negative, it should continue to rise up.
NOTE: target 74.768 this week; trading panel is for potential possibility of next 2-3 weeks.
HOWEVER, it the US data to be agressively negative, it should then start a new wave going back down, targeting the lower end around 92.4.
GL
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