Another day in the markets and another day the US Dollar Index is stuck in a range. While the Dollar decides on a direction, US Oil (Crude) is set to make a run at the high of the year.
There are days and even weeks at a time where the Dollar isn’t trending in any direction and is moving in a sideways fashion. The Dollar was originally ranging between 90.850 and 91.400 but since then has created an even smaller one between 91.150 and 91.400. Therefore, it’s best to sit on your hands and wait for a true direction to form.
Crude oil has spent much of March and the start of April stuck in choppy price action but things started to turn near the end of April. Price has resumed a respectable bullish tone as the price was able to close bullish above $65 per barrel. Traders can look to enter long now or wait for this year’s high at $68 to get cleared first to attain new yearly highs.
With Europe and now Canada expecting the possibility of international travel this summer, economies and commodities like Crude should see a slight rebound. The pandemic is still present and the global population is far from being fully vaccinated so a true rebound may not be seen until early next year.
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- Read yesterday’s breakdown: DXY Stuck Below 91.400 + Doge and Ethereum to New Highs
