#OPINIONLEADER# #USDollarIndex#

By Scott Andrews

 MAY 16, 2021

US index 14 05 2021

The DXY pushed higher but lacked buying interest to get through 91 resistance with a shift to risk on sentiment on Friday’s US session with equities bouncing strongly after some dramatic selling with continued inflation concerns being confirmed after the CPI month on month data release. On Thursday job claims beat expectations indicating job creation is moving toward pre Covid levels with a continued focus by the Federal Reserve on sticking with their plan of holding form on interest rates and asset purchasing. In regards to a trade plan for the US dollar I’d like to see how price action interacts with the 90.20 support level therefore no immediate trade and will let things play out on Monday to see what the market sentiment is before entering a trade and whether we see some confidence can return to the market or if fear is still present with equities moving lower the bullish case for the US dollar is confirmed and I’d be leaning towards going long.