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U.S.$ Index/Backing off Resistance *PIC*

DX bumped up against price resistance at the 82.90 breakdown point and backed off. This is also the downtrendline resistance from the July high. Price on this recent pullback retraced a Fib 38.2% retracement and bounced back but is still in a pullback phase. Price could typically pullback to the Fib 50% or Fib 61.8% retracement point area which is also the 1 year uptrendline and still be in a bull trend. While not a lot of points in a pullback this would be huge for DX with only a double digit number to track. Inverse markets will rally strongly on any pullback such as this. Watch the last downtrendline and 82.90 price level to be cleared to suggest the correction is over and a resumption of the uptrend has begun. Meanwhile technicals have been worsening since early July and continue to weaken.

Messages In This Thread

U.S.$ Index/Backing off Resistance *PIC*
Re: U.S.$ Index/Backing off Resistance/Trades
Re: U.S.$ Index/Backing off Resist//GOLD/Lee *PIC*