DX_F has Bats Galore!

6-3-2013 DX MTS
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