As the Dollar tries a last-minute surge to the upside, many of the cryptos and commodities are extending their gains. Bitcoin to 60,000 looks fairly likely and Crude Oil longs are almost ready to go.
Earlier during the New York session, the US Dollar Index was able to push back to 91.90. However, the price failed to close bullish above this level and has instead pushed back lower. This suggests that the price is looking to push lower to create another lower low. Although the daily is still an up candle, the long wick at the top suggests that sellers are still in control.
While the Forex majors try to gain on the Dollar, many of the major cryptos are starting to climb once again. Bitcoin has reached the all-time high and based on the hammers created on the daily timeframe, 60,000 should be reached in the coming days. Crude oil bulls are also gaining momentum as the price inches closer to this year’s high. A break above this high should send oil to $77 per barrel.
It’ll be interesting to see how the Dollar fairs next week as Joe Biden has officially signed the stimulus bill. The higher timeframes still suggest that a bullish Dollar is likely for the remainder of the quarter.