So far, this trading week has been bullish fro the American currency. The US Dollar index
Keeps on growing in value against a basket of 6 other major currencies. Yesterday, the index went up to 80.76, thereby hitting the intraday high. Today, during the European trading session, the price moved higher up to touch 80.91.
The US Dollar remains strong due to several factors, including the Fed's statements that the US economy neared the acceptable level of normalization and stability, Market Leader reports.
Today's American trading session is subject to a major economic report - JOLTs Job Openings. The mentioned news may influence the US Dollar index, thereby triggering a momentum. The mentioned report measures the amount of open vacancies in the private sector with a glance at seasonality. Last month, the index declined from 4 125 open vacancies down to 4014 open vacancies.
Nevertheless, according to the index curve, the chart has been developing a bullish tendency since December 2012. This reflects a stronger labor market in the USA coupled with higher demand for labor power. According to the consensus forecast, the amount of open vacancies is expected to increase up to 4020.
US Dollar Index Prospects
According to the comprehensive analysis conducted by Masterforex-V Academy, the H1 chart of the USD index indicates a mid-term uptrend. Still, the price created a bearish reaction last week. This reaction is represented by the 81.02-80.22 wave. Further on, the price started unfolding a new upswing from the local low of 80.22. At this point, this is a 5-wave count (marked blue). This pattern has already exceeded 76,45 of the Fibo retracement grid and is currently trading close to 80.93.
Support: 80.63 + 80.38
Resistance: 80.93 + 81.02
