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Friday, May 26, 2023

US dollar keeps Fluctuating, Equity Sees A Slight Drop During The Session

The US dollar has been doing mixed business throughout the day while the franc, euro, and yen did slightly better. Nonetheless, the US dollar has been able to maintain stability over most other significant currencies.

The cable of the pound has been quite below 1.3161 at the beginning of the week when it was approximately 1.3200. At the moment, the US dollar and AUD have been bounced off to 0.7280 from 0.7250 due to a few minor support.

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US Dollar Business

The buyers of euro and US dollar are keeping a close watch on the blue line or what is known as the two-hundred MA. Buyers are also observing the level of 50 retracements at the rate of 1.1762 which is currently increasing from a low 1.1759 before the session to a high of almost 1.1815.

On the whole, the price activity is ranging between the levels of support as mentioned and a hundred-hour red line or MA at the rate of 1.1728, since, the bias of the near-term is trying to keep it more neutral at the present.

While the euro is receiving support, the US dollar experienced a slight decline as sellers have been able to get back a few near-term authority under 1.3200. They continue to maintain a hundred-hour MA price action at 1.3199.

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With a neutralizing phase, the market is reverting to the original phase.

This seems like a signal for the consolidation phase or correction time.

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