This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

DXY ended wave IV of a bullish cycle pattern in a simple Ⓐ-Ⓑ-Ⓒ zigzag.  Wave Ⓐ is a zigzag, wave Ⓑ is a triangle, and wave Ⓒ is a 5-wave bearish impulse.

At the time of writing, DXY has begun to reverse up in the final wave V.

We expect the 5-wave primary-degree upside to reach at least the 102.95 area. This is the previous high formed by cycle wave III.

DXY

An alternative scenario hints at a cycle-degree standard zigzag in a-b-c.

Cycle wave b, which is under development, resembles a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag. Wave (B) of Ⓩ is currently under construction.

In the near future, we can expect an upside move up to the 95.17 area. At that level, correction wave (B) will be equal to 50% of impulse (A).

Then, we could expect prices to fall in wave (C) near the 91.70 area. At that level, primary wave Ⓩ will be at 123.6% of wave Ⓨ.

Have you been testing your strategy on a Demo Account? Sign up now and begin practicing!

The post DXY: 5th Wave Now Underway appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Tagged on: