The U. S. dollar appreciated on Tuesday against a basket of primary currencies, moving further away from a nearly one-month low reached last Friday. The catalyst for the force was emerging U. S. Treasury yields. dollar opposed to the euro days before the European Central Bank’s meeting on Thursday.
On Tuesday, futures on the U. S. September Index were in the U. S. USA They stood at 92,514, an increase of 0. 481 or 0. 52%.
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“It looks like after the sell-off, it’s at least laid a short-term foundation,” said Shaun Osborne, lead currency strategist at Scotiabank in Toronto.
“We think it’s very likely that the Federal Reserve will head towards the cut until the end of this year, the U. S. economy deserves to be operating strongly, so we’re thinking about a small drop in the dollar, a little weakness in the dollar. “it’s most likely a buying opportunity,” he said.
The main trend is downward according to the oscillation chart. An industry through 91,800 will sign a resumption of the downtrend. A step through 93,195 will replace the main uptrend.
The minor trend is downward. Trading up to 92,790 will replace the minor uptrend, which will shift the momentum upward.
The new minor is 91,800 to 92,575, its 50% point or pivot is 92,190.
The lowest moment is 93,195 to 91,800. Its retracement zone at 92,500 to 92,660 is a prospective resistance.
The short-term diversity is 93,750 to 91,800. If the minor trend adjusts upward, its retracement dominance of 92,775 to 93,005 will be the next bullish target.
The direction of the US dollar index for September on Wednesday will likely be decided through traders’ reaction to 92,500.
A sustained move above 92,500 will imply the presence of buyers, which may lead to a strong rally with possible bullish targets aligned at 92,660, 92,775 and 92,790.
The index can simply go up if 92,790 are withdrawn with a giant volume, which can cause a movement to 93,005.
A sustained movement below 92,500 will indicate the presence of sellers. If this move creates enough downward momentum, look for a sharp break in the pivot at 92. 188. Look for competitive buyers against the trend in decline at this level. we may see a further break at the minor low at 91,800.