The main market’s drivers

After ambiguous data on the US GDP in the market, the weekly correction against the US dollar accelerated, which was also intensified by the correction of positions before the weekend. The ambiguous dynamics of stock indices in Europe and the very weak start of trading on Wall Street added uncertainty to the market, effectively limiting the dollar correction, but not giving a hint of the formation of a new movement.

The US dollar index continues to trade in the trading range of Thursday despite the published statistics, changing the main  vector from ascending to descending. The main trading range is located from 98.20-30 to 98.00-97.90. In conditions of accelerated correction of long positions on the American dollar on fears of slowing inflation growth, a test of support levels is possible: 97.80-70 by the close of the week.

Fig. The US dollar index chart. The current price is 97.90 (10-year government bonds yield is the blue line)

Read also: “Some features of the Fibonacci grid”

Andre Green

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Topical articles of the trader’s blog:

1. Multifactorial analysis of the Forex market
2. Expectations from the USD/JPY for the end of April – early May
3. U.S. and E.U. Trade War

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