US Dollar Index Bounces from Our Fibonacci Target

Dec 8, 2016: 12:05 PM CST

The US Dollar Index caught a strong bullish bid this morning, surging up away from our known Fibonacci Confluence target.

What was it and what should we be watching now? Let’s see clearly:

First, take a moment to read our prior post “Dollar Drops to Fibonacci Target.”

I highlighted the confluence of the 38.2% Fibonacci Retracement with the 100 simple Round Number target.

As expected/planned, price surged up away from this level as buyers regained the edge.

We saw a somewhat similar pattern – of a strong rally into shallow pullback to a Fibonacci Target – for the S&P 500.

We’ll continue to focus on the bullish impulse and target into the prior high while above 100.

Otherwise, should the alternate “breakdown” thesis take place under 100, we have two Fibonacci Targets: 99.50 and 98.90.

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Corey Rosenbloom, CMT

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2 Responses to “US Dollar Index Bounces from Our Fibonacci Target”

  1. Intelligent Trend Follower Says:

    Great insights Corey, thanks again. I’ll be curious what the weekly close looks like on DXY. Cheers!

  2. Shatner Says:

    That’s a massive move; I always enjoy working whenever there is such move because it can bring a lot of profits. I love doing scalping and this is ideal scenario for that especially through OctaFX. They have lovely conditions with having low spreads from 0.1 pips for all major pairs to high leverage up to 1.500 while there is also 50% bonus on deposit offering, it’s all fantastic and helps me with working and I am able to enjoy doing things.