Rising dollar exchange rate affected by demand growth in the New Year? / Currency market fluctuations are looking for opportunities

According to Baaqtesad, the dollar did not move towards the support of 25,200 tomans and the dirham was able to maintain the 7,000 toman line. These two signs indicate that the US banknote may start the winter with a rise in price. A group of market participants believe that the dollar may still face price growth in the early days of December due to increased demand before the New Year, but there will be no reason for further price growth after that.

That is why a group of activists believe that the first 10 days of December could be the last chance for currency fluctuations to raise prices. They believe that if traditional demand rises in early December, the oscillators will try to intensify the range of changes in the price of the dollar by increasing their activity in tomorrow’s trading.

One of the factors that can counteract the rising trend of the dollar is the reduction of the dirham remittance rate below 7 thousand tomans. In addition, the market maker has shown to some extent that it is looking to reduce prices and may want to meet this demand in the first week of January, when less trading is expected.

Forecast the dollar from the tangled channel

The dirham remittance rate did not decrease yesterday, but was able to be above the level of 7,050 Tomans. This level is very important for the market. If the dirham remains above that level, it can lead the dollar to the range of 25,800 tomans. For foreign exchange market players who expect a sharp decline in prices, the border of 7 thousand tomans is important. A slump below the 7 thousand toman line may pave the way for the dollar to fall below the 25 thousand toman channel.

In back-line transactions, the price of the dirham was in the range of 7,060 tomans, a number that is referred to by technical analysts as the golden rate of the market today. Low trading prices below this line can lower the dirham rate.

Market news

In yesterday’s market, news was circulating in the trading channels about the rocket attack on the US Embassy in Baghdad and the preparation of the defense system in this area to respond to the rocket attacks. The interesting point is that despite the approval of the official authorities of some traders in principle They doubted the news and believed that the injection of this news was aimed at creating an atmosphere in the market so that the wave would fluctuate. It should be seen today that the market is affected by emotional factors or real trends in the market play a role./Eqtesad News

.Source