State of the market : the American dollar remains under pressure
After the update of the highs at the level of 94.80-90, the US dollar index moved to a decrease and remains at the level of the opening of the week, thereby limiting the level of support to 94.40. This upward movement with the update of the maximum is due to the technical re-test of the monthly uptrend.
Now the dollar index have to test a support at around 94.20, which is key. A repulsion from this level will form a “double bottom” and will give grounds for the return of the American dollar to an uptrend. Otherwise, you should expect a test of support levels: 94.00 and 93.80.
Read also: “OPEC and the Impact of the Cartel on the Oil Market”
Hanzenko Anton
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