For investors looking for momentum, WisdomTree Bloomberg U.S. Dollar Bullish ETF (USDU Quick QuoteUSDU - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 12.5% from its 52-week low price of $25.06/share.

Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

USDU in Focus

This ETF is active and does not track a benchmark. The WisdomTree Bloomberg U.S. Dollar Bullish ETF seeks to provide total returns, before expenses, that exceed the performance of the Bloomberg Dollar Spot Index. It charges 50 basis points in annual fees.

Why the Move?

The U.S. dollar is often considered as a safe-haven asset. Hence, the currency has been rallying amid the Russia-Ukraine war and global growth slowdown fears amid sky-high inflation and rising rate worries. Plus, the Fed is likely to hike rates heftily this week to quell inflation. The Fed move will likely strengthen the greenback further.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 11.60, which gives cues of a further rally.