The US dollar (USD) bounced while the markets face a challenging environment of higher oil prices and fall actions amid continuous geopolitical uncertainties. The DXY was for the last time at 98.64, the OCBC, Frances Cheung and Christopher Wong currency analysts point out.
The mild bassist impulse in the daily chart has vanished
“Meanwhile, a series of key decisions of central banks this week, including the FOMC tonight (2am SGT), should also see an additional adjustment in the positions. Before the FOMC decision, several key economic indicators of the US will American markets tomorrow’s observance of the Juneteenth holiday. “
“While the FOMC is expected to maintain the policy rate without changes, the attention is in the points graph and the press conference. The markets anticipate that the points graph still points to 2 cuts by the end of the year. If the Fed indicates only one cut or opposes relaxation expectations, the USD could be further strengthened. On the other hand, a more moderate tone could lead to the USD for sale. In other places, oil prices can continue to rise if geopolitical tensions intensify. This could affect Net Petroleum Importers such as INR, KRW, TWD and THB than other Axjs. “
However, geopolitical development remains fluid and requires additional monitoring. The de -escalation would probably weigh on the dollar and return the support to the risk proxies, but if the tensions get worse, the high beta currencies such as Aud and NZD could operate down. The mild bearish impulse in the daily chart has vanished while the increase in RSI shows signs of moderation. Resistance at levels of 99 (SMA of 21 days), levels of 99.60 (50 days SMA). Support in 98, 97.60 (minimum recent).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
