The USD appears to be working an expanded flat correction for w.ii circle. A the time of this post, price has reached a strong level of support... so look for a bounce.
However, common fib ratios call for further decline where w.c circle of w.ii circle = 1.618 w.a circle at 74.185 which agrees with the .618 retracement of w.i circle at 74.13. Also note that additional fib support exists at 74.265 which is the .618 retracement of the move from 72.86 - 76.54.
On additional fib relationship that I identified is near the .5 retracement of w.i circle. That level is where w.c circle = .618 w.a circle past w.a circle or 74.4.
In conclusion, the area surrounding 74.13 - 74.4 offers a logical termination point of w.ii circle and offers traders an area of consideration as w.iii circle advances to the upside. Any significant decline below 74.13 would warn that the a larger decline may be unfolding and that the expanded flat interpretation was incorrect.
Best of Trading
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