Reversal in the dollar on the weekly chart

The dollar index appears poised to make a bullish key reversal trading pattern on the weekly chart this week.

Source: CQG

The weekly chart highlights that the index fell to a low that was lower than the previous week, and closed above the prior week’s high.

This type of technical trading pattern could lead to a new high in the index and perhaps a significant short-term move on the upside. A higher dollar is likely to have a significant impact on the prices of commodities and other assets over coming sessions.