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Dollar Index Testing 61.8% Fib Level

Wavetraders - Fri Feb 9, 10:06AM CST

USD Index turned bearish at the end of 2023, showing an impulsive decline from October swing highs, so more weakness will be expected now in  2024, but after a correction that is now in progress. It can be wave two of a higher degree bounce, with a w-x-y formation which can see limited upside because of overlaps So ideally, market will resume back to the downside after correction is completed, possibly here around 61,8% Fibo, at 104 - 105 area. A drop through 102.80 would suggest that correction is done and bears are underway. At the same time, don't forget on the 10 year US notes that are still in a corrective phase, but close to a potential c=a support.

source www.wavetraders.com

On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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