10/28/2023 0 Comments 100 lek to usd![]() ![]() The demand zone above 1.3600 over the 30-day SMA has caught buyers’ eyes once again. Overall sentiment remains upbeat from the daily chart’s perspective. After lifting offers around the December high of 1.3700, the US dollar has been drifting lower in search of bids. The Canadian dollar slipped as February’s monthly CPI fell short of expectations. A close above the February spike of 1.0800 would reinforce the upward bias and open the door to an extension to the supply zone around 1.0900. As the RSI rose into overbought territory, the bulls may see a pullback as an opportunity to stake in at a discount with 1.0700 at the base of the momentum as the first support. A pop above last week’s liquidation point at 1.0760 sends a strong bullish signal, prompting sellers to cover their bets. The US dollar struggles as the market prepares for a 25-basis-point rate hike by the Fed. ![]()
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