U.S. Dollar Index
The weekly price chart below shows the U.S. Dollar Index rose again last week, in line with the long-term bullish trend, printing a bullish candlestick that closed within the top half of its range, but showed a significant upper wick. This was again the highest weekly close seen since March 2020. Dollar bulls will be encouraged that momentum trading continues, and the price has continued to advance to new highs. However, the pace of the increase has continued to slow down, which hints that the bullish momentum may be declining.
Despite the seeming decline in bullish momentum, it will probably be wise to take trades in favor of the US Dollar in the Forex market over the coming week.
The greenback is the second strongest major currency right now, after the Japanese Yen.
The weekly price chart below shows the U.S. Dollar Index rose again last week, in line with the long-term bullish trend, printing a bullish candlestick that closed within the top half of its range, but showed a significant upper wick. This was again the highest weekly close seen since March 2020. Dollar bulls will be encouraged that momentum trading continues, and the price has continued to advance to new highs. However, the pace of the increase has continued to slow down, which hints that the bullish momentum may be declining.
Despite the seeming decline in bullish momentum, it will probably be wise to take trades in favor of the US Dollar in the Forex market over the coming week.
The greenback is the second strongest major currency right now, after the Japanese Yen.