State of the market: investors are restrained before long weekends
At the opening of trading on Thursday, the foreign exchange market is trading very restrained, despite the negative opening of stock indices in the Asia-Pacific region. The reason for the growth of pessimism in the market was the technical correction of positions before the long weekend on the occasion of the celebration of Good Friday in a number of Catholic countries. Therefore, on Friday and Monday, trading on the European and part of the American trading sessions will be closed.
In the conditions of long weekends, investors are beginning to reduce positions in risky assets, which has increased the pressure on stock indexes and allowed safe haven currencies to go out of the flat, which can be clearly seen against the Japanese yen. The overall dynamics of the market at the opening of trading remains restrained at the level of the opening of the day, and intraday volatility continues to decline.
The US dollar index maintains restrained downward dynamic after multidirectional fluctuations on Wednesday. From the beginning of the day, the American dollar returned to 97.00, indicating a downward trend. The actual support levels are: 96.80 and 96.70, resistance: 97.10 and 97.20.
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Hanzenko Anton
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