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Momentum leads price action, which is how I usually view things. But we should expect retracements within long-established trends as traders and investors lose conviction as new information comes out from policymakers. Also, most professional traders like to book profits and that can lead to a shift in momentum. The US dollar index is led by the moves in the EURUSD and USDJPY but also the US yield curves. This week we hear from Fed Chair Powell as he testifies in front of congress and explains to the politicians why inflation is so high and what he plans to do about it. A lot of what will be said was explained in the FOMC meeting minutes and press conference and there is a chance that he walks some of that information back.
For more trading details, please check the hyperlinks with time stamp indicated from the video:
