This morning, the US Dollar is trading against other currencies the following way:
EURUSD 1,3515 – 1,3516
USDJPY 101,42 – 101,48
USDCHF 0,9043 – 0,9032
GBPUSD 1,6632 - 1,6337
AUDUSD 0,8893 – 0,8896
The USD index is currently trading around 81,225, thereby continuing its fluctuations within relatively narrow price range.
Yestreday's trading session was subject to low volatility. Tuesday was relatively calm after Monday's decline seen in stock markets followed by the decline of the US Dollar against some major currencies. The Aussie was the biggest gainer against its American counterpart by gaining over 2% in a day. The reason for this gain was the fact that the RBA left the benchmark interest rate unchanged at 2,5%.
At the same time, gold devalued by 0,7% down to 1251,70 per troy ounce after Monday's gain equal to 1,6%.
According to Masterforex-V Academy, the US Dollar is currently influenced by the report published by the US Congress, which reads that the US economy is expected to increase by 3,1% this year. The forecast for 2015 and 2016 is 3,4% per year. Moreover, the US budget deficit is expected to be cut down to 3% of the GDP or $514 bn – the lowest level since 2007.
The experts say that the 2014 financial year is unlikely to be as successful as the US government expects it to be. Meanwhile, the US Dollar index has already come close to 2-month highs and is trying to gain some more value against other majors. This makes some commodity markets unattractive for foreing investors.
This week, traders and investors are waiting for 2 major reports coming form the USA - Nonfarm Payrolls and Unemployment Rate. The reports are scheduled for Friday.
Meanwhile, Masterforex-V Academy analyse the H1 chart to make a trading plan for the nearest trading session:
The chart below indicates a 3-wave pattern (red lines). The trend is bullish. It started from 80,22 on January 24th. The high located at 81,44 is formed on January 30th. At this point, the price is trading around 81,17 – the MF pivot.
The closest upward targets are 81,44 and 81,53. The alternative scenario implies a decline down to Pivot MF 81.00 – a major psychological level. The next target is Pivot MF 80,80.
