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After the recent weakness in the US dollar it now looks like a push for the dollar is about to start. The big question is whether or not this push will just be a correction of this recent downfall or the next leg up. Under the current circumstances, Trump's stance against a strong dollar, rising worries in the global financial market over currency wars and long term charts, I am not convinced of a next major leg up in the dollar but I am expecting a corrective move upside to test around the 102.20 area before turning lower again.
As long as the dollar remains trading below its recent high of 103.82, the scenario will remain the same because long term charts show a complete 5 wave pattern upside and now the corrective waves to be started. In case we go beyond 103.82, that can lead for the extension of 5th wave (least likely).
As long as the dollar remains trading below its recent high of 103.82, the scenario will remain the same because long term charts show a complete 5 wave pattern upside and now the corrective waves to be started. In case we go beyond 103.82, that can lead for the extension of 5th wave (least likely).
