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USD Index: After A Bounce, A Deeper Wave ‘C’ Could

The US dollar had a mostly positive week last week, but against some currencies, it is still struggling. What about the technicals on the US dollar index?

Here is their view, courtesy of eFXnews:

Bank of America Merrill Lynch FX Technical Strategy Research notes that the weekly chart of the DXY is most oversold according to RSI, while the BBDXY charts show  a daily TD Sequential buy signal at weekly trend line support and this supports a bounce.

“The DXY declined below 97.50, which we said was a risk, exceeds the minimum requirement for a corrective wave c to end.

However  we remain aware a deeper wave c could extend as low as 94.85 while market profile targets 95.50,” BofAML projects.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.