I'm currently seeing many analyst call for a USD-low and reversal. One should never say that's impossible, when dealing with the financial markets, but just looking at the picture above doesn't really call for a major downside swing.
The long-term descending trend from July 2008 was broken in late July 2020 indicating more upside pressure in the months to come. If we are looking at a simple zig-zag rally from the January 2017 low a rally to at least 1.2852 should be expected.
If, however the ongoing rally is wave (3) of a new impulsive rally of the January 2017 low, then much more upside should be expected with the first extension target seen at 1.4221.
I will of course not exclude a temporary set-back from near the February 2018 peak at 1.2555, but it should only be temporary and more upside progress should be expected afterward.
Remember the trend and patience are your friends
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