The Dollar had one more retracement left in its tank as the price was able to stay above 90.850. Further downside is expected, however, and both Bitcoin and Ethereum look to resume their uptrends.
After yesterday’s rejection of 90.850, it seemed highly likely that price was ready to tumble lower for the US Dollar Index. Instead, price was able to find some bulls to take it back above this level where price is currently struggling to push higher. With a strong daily trend, further sells are still valid and likely.
While the Forex currency pairs wait on the Dollar, the crypto market is already resuming the bullish trend that was established at the start of the month. Bitcoin has found support from bulls in the market and is on its way back to test the all-time high. Ethereum is set to create a new all-time in the coming days.
The commodities mainly Gold and Oil are both struggling to find any bullish momentum to the upside despite the weakening Dollar. This may be attributed to the unknowns of the ongoing pandemic which appear to be a troubling factor for months to come.
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- Read yesterday’s breakdown: EURUSD Longs Back on Table + DXY Set to Fall Again