As this weekly chart of the US dollar index shows, the secondary (intermediate-term) trend remains up, with the USDX posting a bullish spike reversal last week. This indicates the greenback should be set to move into Wave 5 of its secondary 5-wave uptrend and Wave 3 of its major (long-term) uptrend. The major upside targets beyond the secondary Wave 3 high of 93.43 is 94.47, then 96.09.
I’ve been long-term bullish the US dollar index since its bullish key reversal from September 2020, though had to ride it lower until it posted another bullish spike reversal during January 2021. I’m bullish from a technical point of view, disregarding for now the fundamental flood of dollars moving into the US system. All while Newsom’s Market Rule #6 continues to bang around in the back of my head: Fundamentals win in the end.
