State of the market : the American dollar is adjusted

Wednesday’s trading opened with a moderate decline in the US dollar index against a basket of competitors. Earlier, on Tuesday, the US currency received considerable support on the data that the United States could impose duties on cars. As a result, the dollar strengthened across the market and the dollar index updated a high of 97.50, thereby confirming the overbought of the American dollar on the test of the upper boundary of the upward channel.

An additional factor to the decline in the US dollar is the growth of optimism in the stock markets of the Asia-Pacific region. If European stock indices will also open with growth, we can expect an acceleration of the correction for the US dollar. Support levels for the American dollar are located at: 97.20 and 97.00, resistance levels are: 97.50 and 97.70.

Read also: “China Stock Market: Hong Kong Stock Exchange”

Hanzenko Anton

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