Currency market review 17 June, 2019

by @agcc
Currency market review 17 June, 2019

What we see in the market?

Trade war is gaining momentum and new aspects are emerging. India introduced duties on a number of American goods, being a partner of the SCO.

Russia and China discuss mutual settlements without a dollar πŸ‡ΊπŸ‡Έ, adhering to the de-dollarization policy. We think that the position of the US dollar in the long term may be revised to downward, as loyalty to the states is gradually reduced.

Russia is trying to bring the EU to the calculations without a dollar, but this step is quite difficult to implement. Technically, the dollar looks relatively. Against the background of the weakness of the euro and the pound, it looks good, but against the background of the currencies of developing countries and Asian currencies, the dollar is not very good.

The possible reduction in the% rate of the Fed also does not give long-term confidence to investors running into cryptoactive assets. The general mood of the market for the week is controversial.

For the euro πŸ‡ͺπŸ‡Ί last week, sellers still managed to seize the initiative in their own hands, having beaten the price down from a fundamentally important area.

This area is a sloping line of resistance within the descending channel formed from the beginning of 2018.

Despite the continuation of the downward movement of trade flows in the area of ​​key support for this market. At the beginning of this week is expected to roll back prices up.

The fundamental factor associated with the risks from Brexit is putting significant pressure on the British currency πŸ‡¬πŸ‡§ quotes.

Economic indicators do not show phenomenal values, and therefore political factors will have a decisive role in the development of events in this market.

Technical analysis has not generated any signals to the beginning of the upward correction, trading proceeds under the pressure of sellers.

Breakdown of the current support level and continuation of the downtrend within the current week are not excluded. The general mood of the market is downward.

June 17, 2019
by @agcc