US Dollar sideways as US citizens cast their votes on US presidential election day

📆 11/5/2024 8:34 PM

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Macroeconomics, Unitedstates, SEO

📆 11/5/2024 8:34 PM
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The US Dollar (USD) steadies on Tuesday, with the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trading just below 104.00 and hanging onto important technical support as markets brace for the US presidential election.

The US Dollar price action is rather muted as the US heads to the voting booths on Tuesday. Traders brace for volatility as it could take days or weeks to know who will be the next US president in case of a very tight result. The US Dollar index trades just below 104.00 and hangs onto important technical support. The US Dollar steadies on Tuesday, with the US Dollar Index , which tracks the Greenback’s value against six major currencies, trading just below 104.

84, and it is expected to whipsaw through it in the next 24 hours once results come in. The DXY has given up two key levels and needs to regain control of them before considering recovering toward 105.00 and higher. First up is the 200-day SMA at 103.84, together with the 104.00 big figure. The second element is the October 29 high at 104.63. On the downside, the 100-day SMA at 103.12 and the pivotal level of 103.18 are the first line of defence.

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