I waited until the official end of May before posting my monthly analysis of currencies since markets outside the US were open, and trade in currencies never takes a day off.
A look at the monthly chart for the US dollar index and I still see a market that looks ready to roll into the next wave of its major (long-term) 5-wave uptrend, in this case Wave 3. The key, of course, will be holding its previous major low of 89.20 from January 2020. Confirmation of Wave 3 would be a move beyond the March 2021 peak of 93.43. Monthly stochastics continue to show an oversold situation, with the most recent signal being a bullish crossover at the end of January 2021. Everything seems to be in place for a stronger US dollar in relation to foreign currencies, with the greenback waiting for global investment money to show some interest.
