State of the Market: the US dollar remains under pressure of correction

After restrained growth on Powell’s optimistic comments, the US dollar index renewed its February high against its main competitors, failing to uniquely consolidate above the significant resistance of 90.50-60. In conditions of a significant overbought of the American currency and upcoming US data, namely, the second Powell’s speech and the US statistics, one should expect a restrained correction of the American.

It is likely that the US Federal Reserve Chairman Powell will not say anything new. The main task of the head of the Fed on the upcoming speech is not to bring down the existing optimism about the American, which can completely change the sentiment in the market. And, as a result, strengthen the correctional movement of the American.

Graph of the US dollar index. The current price is 90.60.

Hanzenko Anton