TVC:DXY   U.S. Dollar Index
The weekly price chart below shows the U.S. Dollar Index printed another bullish candlestick last week after having earlier rejected the zone of support which I had identified between 11899 and 11833. The price is above the levels from 3 and 6 months ago, which shows that the long-term bullish trend in the greenback is still valid. However, the candlestick closed within the bottom half of its range after falling for two days, so the short-term momentum is against the USD right now. This suggests that trades in the USD look better on the long rather than short side right now, so the best strategy in the Forex market over the coming week will probably be to look for long trades in US dollar currency pairs but only once the short-term momentum turns from bearish to bullish.
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