technical analysis of currencies; A look at the movements of the US dollar against the major currencies

Currency technical analysis

technical analysis of currencies; The US dollar resumed recording its losses against many other major currencies during today's trading in the European session, recording its lowest level in six months, after stopping yesterday. The US judicial affairs are proving his request from the director of the Federal Bureau of Investigation, who was dismissed by “James Comey”, to close the investigation with his former security adviser regarding Russian interference in the previous US presidential elections. .

At exactly 12:15 GMT, the dollar index traded at 97.24 points from the opening level at 97.70 points. The index recorded the highest level at 97.73 points, while it recorded the lowest level at 97.20 points, the lowest in six months.

At the close of trading yesterday, the dollar index rose by 0.4%, to record the first daily gain after incurring losses for five consecutive days. This rise comes after the US economy announced positive data better than expected, which is represented in the Philadelphia Industrial Index and weekly jobless claims.

Throughout this week's trading, the index incurred losses by about 1.8%, heading towards recording the largest weekly decline since the end of July 2016. These losses come due to the controversy and the escalating political tension in the United States over the crisis of US President "Donald Trump".

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It is possible that US President Donald Trump will be accused of perverting justice and interfering in the American judiciary if the director of the FBI who was fired by Trump, “James Comey,” proves Trump’s request to him to close the investigation of his former security adviser, “Michael Flynn” over Russia’s involvement in interfering in the presidential election. He held talks with the Russian ambassador in Washington, in addition to a number of contacts with Russian officials, seven months before the presidential elections.

On the other hand, expectations of raising interest rates during the Reserve Bank meeting next month decreased to 60% from 100%, as a result of negative data issued by the US economy during the recent period, which indicates a decline in the performance of the US economy.

Currency technical analysis ; The pound sterling against the US dollar on May 19

 The British pound against the US dollar is trading at the price of 1.3021, as the price continues to rise, targeting the 23 Fibo line, in conjunction with the presence of the resistance level, as shown in the graphic.

Trading is now taking place above the average moving indicator line, as both Stochastic and MACD indicator show a positive crossover towards more upside on the daily time frame.

Therefore, the price is expected to continue the bullish trend in an attempt to target 1.3100

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Mohamed Abdel Khaleq

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