Analysis of the American Trading Session

As a result of trading on Tuesday, the US dollar index managed to update a few weeks high at 97.50, followed by a technical correction. The overall dynamics of the American dollar remains ascending, despite the slowdown and attempts of correction. At the opening of trading on Wednesday, the dollar decline accelerated due to the strengthening of commodity currencies on the rising cost of raw materials and, in particular, the Australian dollar, which was supported by positive data on retail sales and the trade balance of Australia.

From the start of the day, the US dollar index has remained under the pressure from the correction, limited to the support level of 97.20. Despite the slowdown in the upward trend, the potential for strengthening the US dollar remains. Significant support is located at levels: 97.20 and 97.00.

The US dollar index chart. Current price – 97.20 (10-year government bonds yield – blue line)

Read also: “Long-term investments in currency pairs!The USD/DKK pair “

Andre Green

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