USD Index: After A Bounce, A Deeper Wave 'C' Could Extend This Summer – BofAML

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

The article is published by one of the foremost sources of Forex trading information. Link to the original article above.

from eFXNews http://feedproxy.google.com/~r/Efxnews/~3/awKEqZCWmkM/usd-index-after-bounce-deeper-wave-c-could-extend-summer-bofaml

from Online Forex Trading Resource
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