Where is your fib retracement going exactly hah ?
And can you explain why you've placed it there.
Thank you.
ForexTurtle
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@Stefan_v, As u see in the chart... its Sept peak to Nov bottom. Typically fib is drawn from a peak to bottom, choice of range depends on how tighter levels you need. I dont strictly stick to exact peak and bottom. I choose either one of them as exact, but the other part is flexible - depending how the levels fall with the prices.
As on now the prices have bounced of the bottom, but once the $ index goes north again after retracement ... the P$ fall resumes. I expect P$ to have maximum level of 1.3300. This is assuming INDEX will retrace till 94 region.
Hope this helps. Happy Trading !
stocksmadesimple
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@ForexTurtle, By "This is assuming INDEX will retrace till 94 region." do you mean the price of the dollar itself ?
Thank you.
ForexTurtle
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@Stefan_v, Yes Stefan. I guess there is no other reference for pure $ price, except tracking index. Its DXY in tradingview.com. Yes, there is high probability of this index to touch 94. There is however a probability of it going further down to touch 93.5 also, although its appears low as on today. In any case, I am bullish on $ until Dec rate hike. After that it depends on the narrative.
And can you explain why you've placed it there.
Thank you.