The US Dollar Index (DXY) ended the week by dropping lower to create a new higher low. Further upside should be seen next week. In addition, Crude Oil is ready to move higher.
It was a productive week for the Dollar as the price was able to move from 91.700 to 92.910. The DXY is down -0.13% for the day but traders should know that price rarely ever moves without retracing. This retracement has created a new higher low, which should pave the way for new highs next week.
After slipping below $60 per barrel momentarily, Oil is ready to push higher once again. Price action traders are waiting for the commodity to clear $62 per barrel before entering long. As lockdown restrictions ease and travel around the world increases in the spring and summer, Oil should find the demand it needs to move higher.
Many of the majors that slipped against the Dollar have started to make up some of the losses faced this week. This should only be temporary before further losses occur next week.
Directory:
- Sign up for a Free Membership.
- Login to watch full recorded webinars in our Forex Trading Room.
- Chat with our traders in the Community Discord Server.
- Read yesterday’s breakdown: EURUSD & NZDUSD Shorts + Bullish Dollar
