USDOLLAR’s Momentum Holds At Start of Week
Past performance is not an indicator of future results.
Last week's price action confirmed the USDOLLAR's reference low, by closing above the previous week's high (aqua horizontal). It's important to acknowledge that the reference low does not guarantee a bullish swing. However, for a bullish swing to chart, this confirmation was necessary. Moreover, the confirmation respected the current USDOLLAR's momentum.
Past performance is not an indicator of future results.
Trends are determined by price action and the peaks and troughs that are charted. Once a trend is apparent, a trendline can be drawn to measure its momentum via a gradient. Given this, momentum has increased as per the shift from the green trendline to the orange trendline. Importantly, last week's reference low held at the orange trendline. The technical platform is set for a potentially higher greenback. However, this will largely be determined by relative yields. In this regard, rates moderated somewhat as central bankers pushed back on hikes last week. The trajectory of the USDOLLAR will tell us if they convinced the market.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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