FX Pip Collector
US dollar analysis by a trader starting from monthly to hourly timeframe. The downtrend may continue before moving up eventually. Look for sorting opportunities.
Analyzing the US Dollar from Monthly to One Hour Time Frame
Introduction
As traders, we strive to analyze the market carefully, using various tools, and applying technical analysis to help us make the best trading decisions. Today, we’ll be analyzing the US dollar, starting from the monthly time frame and working our way down to the one-hour time frame.
The Monthly Time Frame
On the monthly time frame, I still believe that the US dollar will eventually grow into an uptrend, possibly going all the way up and taking out previous highs. This could form a big uptrend or possibly a wave one. Either way, I believe that I will continue primarily looking for longs on the longer time frames.
The Weekly Time Frame
On the weekly time frame, we can see a strong tone to the downside. I believe that this move down is just a question within wave three, and eventually, it will keep going up and making a three, four, and five wave, just like what I was seeing on the monthly time frame.
The Daily Time Frame
On the daily time frame, I think this first move down is an A. It looks like three waves up, like a B, and I believe that we are already in a wave C. I think we’re going down to one of these two Fibonacci levels, and then maybe next week or the following week, this will continue the uptrend, probably a one of three, a two of three, and then go up for three of three.
The Four-Hour Time Frame
On the four-hour time frame, we can see the downtrend for what I think is an A. The whole move up is very corrective, which is another reason why I think it’s an A. Three ways down for a B, and then an uptrend for a C, a B, C of B. This is forming a downtrend, and I don’t think it’s over yet. However, it will easily go down to one of these lower Fibonacci levels to finish up wave C before making an impulsive move up, taking out structure, and continuing the uptrend.
The One-Hour Time Frame
On the one-hour time frame, we have a little bit of a three four five shape, suggesting that it is getting ready to go up. However, if it does go up, I believe it’s more likely to be another question because I don’t think it’s over on the longer time frame. If we see a move to the upside, I will continue to look for sorting opportunities until the four-hour time frame confirms that this move down is over with a break of structure to the upside.
Conclusion
The US dollar appears to be forming an uptrend in the longer time frames, with the shorter time frames suggesting a possible correction. As traders, we must always be ready to adapt to changes in trends and exchange rates. By applying technical analysis and keeping up with market news, we can make the best trading decisions. Remember, trading can come with risks, and we should always trade responsibly.
Join my free Discord channel to stay updated on market news and trading analysis. Happy Trading!
