The US Dollar Index (DXY) has been on a tear since mid-May.

I remained bullish on the dollar throughout April, given that it was holding above the 100.80 year-to-date low, which is also a massive multi-year demand area.

Since then, we’ve seen an incredible rally from the dollar that isn’t over yet, in my opinion.

USDJPY has performed beautifully since coming off channel support at 131.00.

That’s where I was getting bullish USDJPY based on the similarities to the price action in January and February.

It’s also where I told Daily Price Action members that USDJPY looked decent for a long entry.

AUDUSD is breaking down from a range that’s been intact since early March.

It’s been an incredible 200-pip range to trade for those who took advantage of it.

However, if today’s session closes below 0.6580, it will mark the lowest daily close for the Australian dollar since November 9th, 2022.

On May 11th, I wrote about a potentially significant breakdown from EURUSD.

The pair broke channel support from last September, a level I’ve mentioned several times in recent months.

The target following that breakdown was the 1.0760 area, which was tested on the 18th.

USDCAD has remained range-bound since late last year.

However, despite the indecision, the pair’s higher time frame technicals couldn’t be cleaner.

This is especially true from the weekly time frame.

Notice how USDCAD has moved within a massive triangle since closing above the July 2021 trend line last September.

The dollar had its largest weekly gain last week since February, and carved its first higher high since early March.

Despite the criticism, I was cautiously bullish the dollar throughout April, and my bullish bias has only increased in May.

On Monday, I wrote how the US Dollar Index (DXY) 102.12 had flipped to support, and Tuesday bounced from 102.20.

USDJPY remains mostly sideways this year, although the pair has carved higher lows since January.

It’s also still moving within the ascending channel I mentioned weeks ago.

For those reasons, I like USDJPY higher later this year.