DXY. One more leg down

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Valutaindex för U.S. dollar (TVC:DXY)

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TVC:DXY Valutaindex för U.S. dollar

dxy usd eurusd usdjpy

Looks like DXY still has one more leg down. This can explain a rally in commodities.

If the wave count is correct, we may reach 88 figures quite soon which would give us approximately 1.24 figure in EURUSD pair. After a nice rally on Friday we are spending some days in a sideways movement. Therefore, now it is a good period for a long entry on EURUSD pair or finding any other instrument, related to the USD.

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In the end, looks like it will be a flat correction for DXY. Is currently heads towars the double top (chart below). If breakout is confirmed with a daily closing today and a retrace tomorrow, it is a very good opportunity for USD longs before the FEDs meeting on the 27th of July.

For EURUSD pair the target price would be around 1.0850
For USDJPY: 113.900

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