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January 14th 2022: US Dollar Remains on the Back Foot; DXY Nearing Daily Support at 94.65
Buyers eventually regained consciousness from support at $1.1237-1.1281—made up of a 61.8% Fibonacci retracement at $1.1281 and a 1.618% Fibonacci projection from $1.1237. ‘Harmonic’ traders will acknowledge $1.1237 represents what’s known as an ‘alternate’ AB=CD formation (extended D leg). Consequently, resistance elbowed into the spotlight at $1.1473-1.1583 on Thursday. In light of its long-standing position (S/R since late 2017), sellers making a show from here is (technically speaking) a reasonable assumption. Adding to the above, the pair took out 2nd November low (2020) at $1.1603 in late September ... (full story)