Looking at the larger structure of the US Dollar, I think it is pretty clear to me that we are in a constructive structure meaning this is only a back test before the next move into the 80’s. The dollar seems to be trading in a bear flag if you look at the 4H below.
Now taking a look at the 1H chart below, I am thinking the high of this structure was put in late October- early November. Since the highs I have noticed a potential 3 wave move down for a wave 1 and now it seems like we are in a 3 wave move higher to put in a wave 2 somewhere in the neighborhood of 94.68-95.08.
Now if you have a look at the recent price action these last few days, it seems to me as if we are breaking up out of this red falling wedge and now back testing it before the next move higher.
This is my first post on Slope of Hope and I am excited to be joining this great community. I welcome all thoughts on my posts and all constructive criticism.