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.
Source: Bank of America Merrill Lynch Rates and Currencies Research
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