On the 4h chart of USD Index price recently rallied in three waves; it was a clear contra-trend price structure within wave 4. We labeled end of wave 4 near 97.77 level after that sharp leg down which is now pointing to around 96.50/96.20 for wave 5 where bigger decline may come to an end in June. That being said, a five wave rally and a breach above the 97.77 level may signal bullish activity to follow.
USD Index, 4H
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