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Macroeconomic statistics did not only hinder the long-awaited correction, but also exacerbated the overbought condition of the dollar. Reportedly, orders for durable goods increased by 0.2%, instead of decreasing by 1.4%. This prompted dollar to rise, while euro and pound continued to decline.
But even though dollar already became overbought, a correction could not be triggered very easily. At most, there will be a stagnation, as today only contains the report on US jobless claims. Forecasts say initial claims will increase by 4,000, while the number of continuing claims will decrease by 2,000. Such insignificant changes will unlikely impact the market. The final US GDP data will also not affect the dynamics much because they may confirm the preliminary estimates already factored into the market.
EUR/USD hit the support level of 1.0500, where the volume of short positions slightly decreased. This, combined with the overbought condition of dollar, suggests a buy signal, which could lead to a rebound. However, they may be ignored by speculators.
GBP/USD remains below 1.2150, indicating the possibility of a further decline. If the momentum continues, the market could potentially move towards the psychological level of 1.2000
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
