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Ever since DX completed its Bat Pattern on Nov 18, it has been established a series of higher highs and higher lows. Given that the lows were rising faster than the highs, it formed a rising wedge, seen in red below. It was significant, because it not only enabled DX to finally close above its .886 (ever since the 27th,) it kept stocks on the rise even as USDJPY faltered.
So, it was with great interest that we watched DX’s rising wedge break down last night. It was confirmed by both the yen and euro, in that it was accompanied by a rapid plunge in USDJPY and spike in EURUSD.
But, look closely at where its decline stopped, and you’ll see that DX has, so far at least, merely backtested the broken .886. Will the Fib level hold, or is there more downside to come? And, what does this tell us about the Fed’s widely-anticipated rate rise?
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