US Dollar futures are in retracement mode of a Bearish Bat in both the Daily chart and the Intraday chart.
- The Daily Bat has an ideal minimum retracement target of 82.484. Currently price is testing the rising 50 moving average, which I like to gauge as a line in the sand, so a hold above 82.984 would prevent price from retracing to the ideal minimum target and suggests a retest of the PRZ 84.113 or even the double top target 84.765
- A break and hold above 84.765 has ideal target 88.300 with scaling point 86.321
- The Intraday chart, in this case, a Renko 12 tick chart, also is in retracement mode of a Bearish Bat and is currently at the 61.8% retracement level
- A hold above 83.254 offers a few considerations
- – the initial resistance test is the top of the GRZ (Golden Ratio Zone 83.406)
- – a hold above the GRZ has the Bat PRZ retest target at 83.650, this correlates with a potential Inverse Head & Shoulders neckline
- – a break through 83.765 has a double bearish pattern PRZ target at 84.232, this behaves like a magnet and helps the Daily Bat PRZ retest also
- If price breaks and holds below the Intraday GRZ, the initial support test target is 83.01 double bottom
- A break down 83.01 has an AB=CD target that also has an important fib extension confluence at 82.600, this helps the Daily price approach it’s GRZ 82.484 target
- A breakdown of 82.600 has magnet target of 81.880, with scaling point 82.283. Note the ABCD 161.8% target 81.880 on the Intraday chart correlates with the Significant level 81.905 on the Daily chart, being the B point of the Daily Bearish Bat as well as the 50% retracement of that same Bat