The main drivers of the market

The American trading session opened with a noticeable growth of stock indices on Wall Street, which was caused by the persistence of optimistic sentiment in the Asian and European trading sessions. At the same time, the main optimism of the market had a negative impact on the US dollar and the Japanese yen, thereby increasing the pressure on the oversold US dollar.

Despite the growth of optimism in the market, oil remained under pressure of supply growth.

The US dollar index, along with the yen, remains the main outsider of trades and is limited to another support of 93.80, from which there is a slight correction. The general downward sentiment on the American persists, but noticeably decreased. So, the levels of support for the US dollar index are: 93.80 and 93.60.

Graph of the US dollar index. The current price is 93.80 (the yield of 10-year government bonds is a blue line)

Also, read: «Trading strategy« EBB 1 »- Envelopes and Bollinger Bands»

Andre Green