Just as predicted, the dollar continued south and completed the final 5th motive wave, both in the weekly and 4-hourly time frame.
The dollar held losses at 89.7 as soon as it reached the 161.8% Fibonacci extension level, similar to that of early 2018.
The dollar has sustained about 12% loss to the pandemic and amid an unprecedented amount of stimulus to keep its economy afloat and the stock market from crashing.
The latest loss seemed like a full-priced in of an upcoming stimulus package yet to be approved.
This week, we could expect the dollar to still inch a little lower but ultimately, it will likely to kick-off a period of a ranging market.
We can start focusing on buying the dollar at the bottom, with an initial expectation of a range between 89 to 91.
The dollar held losses at 89.7 as soon as it reached the 161.8% Fibonacci extension level, similar to that of early 2018.
The dollar has sustained about 12% loss to the pandemic and amid an unprecedented amount of stimulus to keep its economy afloat and the stock market from crashing.
The latest loss seemed like a full-priced in of an upcoming stimulus package yet to be approved.
This week, we could expect the dollar to still inch a little lower but ultimately, it will likely to kick-off a period of a ranging market.
We can start focusing on buying the dollar at the bottom, with an initial expectation of a range between 89 to 91.
