The Dollar’s Climb: A Trend With More Fuel in the Tank?
The USDOLLAR daily chart is in a clear uptrend, defined by a sequence of higher troughs and higher peaks. The EMAs are aligned in a bullish formation with strong angle and separation, and the RSI remains above 50 - signalling positive underlying momentum for the greenback.
Market participants positioned themselves well early on, with the first higher peak after a higher trough forming at point 1, even before Fed Chair Jerome Powell pushed back - in unusually blunt terms - against a December rate cut during his 29 October press conference.
Since then, the dollar has been on a tear. A break below the most recent higher trough would warrant a reassessment, but for now the USDOLLAR continues to present a firm uptrend.
Market participants positioned themselves well early on, with the first higher peak after a higher trough forming at point 1, even before Fed Chair Jerome Powell pushed back - in unusually blunt terms - against a December rate cut during his 29 October press conference.
Since then, the dollar has been on a tear. A break below the most recent higher trough would warrant a reassessment, but for now the USDOLLAR continues to present a firm uptrend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.