The main market’s drivers

At the opening of trading on the American session on Thursday, most of the major currencies changed direction from the start of the day. So, at the end of the day there is a rapid strengthening of the US currency, aided by positive data on the US GDP. Additional drivers for the strengthening of the dollar are the growth of the US state profitability and the return of optimism in the stock markets. Trading on Wall Street opened in different directions near zero, indicating a slowdown in the decline of stock markets, which were traced in Asian and European trading.

Despite the attempts of growth of optimism and the US currency, the dynamics of the US dollar index remains limited to overbought and the borders of the downward channel. So, the significant resistance levels for the American dollar  remains: 96.30 and 96.50. Support settled at levels: 96.00 and 95.80.

The US dollar index chart. The current price is 96.20 (10-year government bonds yield is the blue line)

Read also: “Equidistant channel – Trading Strategy”

Andre Green

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