The US Dollar (USD) sees the Greenback gaining this Wednesday while US equity markets are jumping higher after the opening bell, holding to recent gains and ending the losing streak for this week so far. Markets are not really seeing a main driver
The US Dollar snaps this week’s losing streak and claws back. Traders are sitting on their hands ahead of GDP and PCE inflation data later this week. The US Dollar Index locks in above 104.00 and is expected to defend this level ahead of the pivotal data. The US Dollar sees the Greenback gaining this Wednesday while US equity markets are jumping higher after the opening bell, holding to recent gains and ending the losing streak for this week so far.
Further up, 104.96 remains the level to beat in order to tackle 105.00. Once above there, 105.12 is the last resistance point for now before the Relative Strength Index will trade in overbought levels. Support from the 200-day Simple Moving Average at 103.74, the 100-day SMA at 103.48, and the 55-day SMA at 103.64 are unable to show their importance as support because traders didn’t wait for a drop to those levels for a turnaround. The 103.
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