Price action traders are enjoying profits from US Oil as the price continues to make new highs for the year. The US Dollar Index (DXY) is back at this week’s high as it attempts a bullish reversal.
This week’s weekly candle will close as a bullish hammer for Oil as the price has continued its surge to the upside. Today price was able to make a new high for the year at $71.25 per barrel. Price action traders are up +120 pips for this trade and are eyeing $77 per barrel as a final target.
The Dollar is starting to fight off bears as the price has pushed back once again to this week’s high. During the start of the week, it was likely that the price would revisit 89.700 but bulls had other plans. If the price can close bullish above 90.550, a reversal may be on the way.
Next week will be very important for the Dollar as bulls can make a statement by showing the beginning stages of a reversal. If the price isn’t able to push higher, we may see further consolidation in the Dollar.
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