The Dollar’s demise had provided a great trading week in both the Forex and Crypto markets. With further downside expected for the Dollar, one can expect this week’s trends to continue next week.
The US Dollar Index (DXY) is almost at 91.400 which was the target for the week. As a result, Pound Dollar should push higher. Today’s daily closure is a hammer with a long wick to the bottom, which most likely points to a rally higher. Price will most likely look to fill out the previous daily range.
Gold (XAUUSD) is another instrument that has begun to edge higher against the Dollar. This week price was able to close above 1770 for the first time since March. With further Dollar weakness expected, Gold can make an honest attempt at February’s high near 1850.
Forex pairs, cryptocurrencies, and commodities for the most had a great week against the Dollar. It’ll be interesting to see if these absurd gains and price movement continue next week, or if the Dollar shows some fight back. Nonetheless, when the Dollar is trending in any direction, trading becomes a whole lot easier and more enjoyable.