Dollar Bulls Try to Push Higher + US Oil Long Trade Setup

After bears took the Dollar past below 92.750, bulls in the market are trying to respond. Meanwhile, US Oil (Crude) prices look to rebound higher back to the yearly high.

The Dollar suffered immense bearish pressure during the London session as bears were able to take price to as low as 92.500. Bulls had their own response during the start of the New York session which has let price come back above 92.750. A bullish closure on the four-hour time frame should lead the Dollar back to this week’s high.

With Dollar bulls returning in the market, USDCAD prices have begun to retrace back down. In turn, Oil has made its way back above $70 per barrel. Today’s daily candle will most likely close as a hammer, which should suggest further upside. An obvious target would be the yearly high at $77 per barrel.

The ECB has kept the interest rate at 0.00% as the committee stated that rates will stay low until Covid-19 is fully dealt with. The ECB will continue to use low rates and bond-buying to keep the economy running. This could lead to lower EURUSD prices for the rest of the summer.

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