Last week’s market news:
S. stocks fell sharply in March, leading to increase buying in US dollar. Investors worried about a global recession, thus continue to seek refuge in US dollar. The US dollar index rose for the third trading day, back above the 100 level again. The US dollar’s “historic rebound” is not over and is expected to eventually rise to 120 from its current level.
From the monthly line chart, the US dollar index is supported by both the 100 day average and the 200 day average. It recorded three trading day continue to rise in last week. Now it has breakout the 100 level, which is not only an important integer level, but also the 38.2% retreat of the highest point 103. Therefore, the breakout of this100 level point is of great significance.
What’s future market trend?
Fundamentals analysis:
S. stocks have soared for a decade in a row. At present, they are facing downward pressure from both technology and fundamentals. As a safe haven asset, the U.S. dollar has been sought after by investors in the short term. But the dollar itself is under enormous pressure. The US economic data is poor, and the impact of the epidemic on the US is far from over. This limits the upside for the dollar.
Technical analysis:
In H4 chart,
Resistance: 102
Support: 100
In H1 chart,
Resistance: 101
Support: 100
Day Trading Suggestion:
Trading strategy in shock range
Take short positions at current price 100.80
Target: 100
make long positions backhand at 100
target :101