The Dollar is still stuck in its consolidating ways and traders are now flocking to the minors to get suitable trade options. Oil continues its tear as traders are up +225 pips in profit.
The US Dollar Index (DXY) is consolidating below 90.550 as it has been doing for the past three trading days. Price action traders have found a promising sell setup for CADCHF that can be taken while the Dollar figures itself out. This trade has been entered as today’s daily closure will close as a shooting star.
Oil has continued its surge to the upside as the price has hit $72.25 for the first time this year. To put Oil’s bullishness into perspective, the last time Oil was at this price point was in October of 2018. Price action traders are up substantially for this trade with stops into profit. Further profits are expected as bullish cues are still present.substantially
The current indecisiveness in the Dollar has stretched over a period of at least a month. It’s unsure what price may be waiting for, but for now, the minors, commodities, and cryptos market should fill in that void.
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