Novox USD Index Daily Analysis
The US dollar officially rebounded last week, standing above the 90 mark and closing at 90.77. The new US President Biden announced a "American rescue plan" which worth $1.9 trillion. After the announcement, the US dollar index rose instead of falling and set a new highest level of 90.76 this week. According to the current situation, with the published of stimulus measures and the movement of the vaccination efforts, the global economic outlook has improved, but the longer-term outlook for the USD remains weak. Short-term investors need to pay close attention to the implementation of the latest US fiscal stimulus package.
The weekly US dollar index closed higher than the open daily and broke through the 90.6 area on the last trading day of last Friday. Observing the magnitude of the dollar index correction today, if it continues to hit the 90.8 area after a slight correction, the dollar's first goal this week is to hit the 91 pressure level and may achieve a breakthrough. If there is a sharp correction today, then the short-term rebound trend of the U.S. index will end. The weekly rebound was only a short-term recovery after the oversold, and the long-term dollar weakness has become the overall situation. In terms of technical indicators, the US dollar index may continue to rebound after a slight correction in the short term.
Today’s operation is to buy at the low level, the reference point is the same as yesterday, and steadily waiting for a callback to near the 89.9 area, stop loss 30 specific real-time operation recommendations will be prompted intraday.