State of the market: the American dollar remains under the pressure
At the opening of trading on Tuesday, the US dollar received support for a general decline in commodity currencies. The reason for the weakening of commodity currencies at the Asia-Pacific trading session was the publication of the Reserve Bank of Australia meeting minutes, which confirmed the likelihood of lower interest rates in the future on concerns about inflation and Australian GDP growth. In fact, this had a brief support for the US dollar across the market.
The growth of the US dollar index on negative RBA data was limited by the psychological resistance level of 97.00. This indicates the dollar index is limited, despite being oversold. At a break from the level of 96.80, the US dollar index moved to a correction after a decline. Levels 97.00 and 97.20 are significant resistance. In this price range is expected to turn with the resumption of decline.
Read also: “The nearest prospects for the USD”
Hanzenko Anton
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