Dollar bulls are still in the lead amid new banking concerns and risk aversion before key economic data.
Dollar
The Greenback is now in midweek after finding some support near the year-low level. 100.88, The biggest daily increase in a week was achieved, leading to the largest daily rise. Investors’ risk tolerance is waning, and this has led to a renewed interest in buying. First Republic Bank’s disappointing earnings report did not inspire confidence. Fears of the US debt limit expiration also weighed on investors’ risk appetite, allowing DXY bulls remain in the lead.
Looking ahead, traders will be eyeing US economic data in the form of Durable Goods Orders for March, which will offer traders some clues as far as Thursday’s GDP figures for Q1 are concerned. If the data is less positive than expected (0.8%) and lower than the previous -1.0%, the US Dollar Index could consolidate its recent gains.
Technical Analysis D1
Current Price Action has created a potential reversal in the form a descending channels. The pattern has been partly validated as a break of…
