As expected, the US Dollar Index has found itself below 91.000. If the daily can close below this level, traders may see further Dollar weakness.
After last Friday’s bullish NFP results, the Dollar has continued its selloff. Price made a high at 91.60 and has since then fallen below the key psychological level of 91.00. Price action traders are looking for potential USDJPY shorts as the pair has printed a shooting star on the daily after reaching the range high.
Crude oil continues to climb as price has hit $58 per barrel. This is a 13-month high and price action traders are looking to continue holding this commodity. As the United States continues record-breaking vaccinations, Oil should continue to push higher.
Other than Jerome Powell’s speech on Wednesday, this week’s fundamental schedule is relatively clear. Traders should expect a rather smooth market to predict and trade. On the contrary, traders may also see more consolidation due to the lack of news.
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- Read yesterday’s breakdown: US Oil Swing Trade in Profit + Dollar Falls on NFP