The majority of traders understand how support and resistance levels are applied on charts and also know how to read technical indicators, such as the relative strength index (RSI). On top of this, the greenback is the standard currency in the commodity market and therefore directly impacts commodity prices. Traditional major currency pairs also include the US dollar. Additionally, more than 60% of foreign exchange reserves are denominated in dollars, according to the International Monetary Fund (IMF). To say the US dollar is important is an understatement.Īccording to the 2019 Triennial Survey of turnover in OTC FX markets, the US dollar retained its dominant currency status, on one side of 88% of all trades.
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