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US30 - Surges to Above 30000 as Janet Yellen Chosen for U.S. Treasury



US30 - Surges to Above 30000 as Janet Yellen Chosen for US Treasury
In the last two days the US30 index has surged higher off the key 29000 level pushing to all time highs. In the last two weeks it has traded above this key level in a range up to 30000, however in the last day it has pushed to new highs. Two weeks ago, the US30 index made its first run towards 30000 and in doing so, smashed through resistance at 29000, which has applied downward pressure on the index for some time. In that initial surge higher, it also pushed strongly through 27000 and 28000 which have play a significant role in the price action of the US30 in the last few months. Having supported prices for the last two weeks, the 29000 will be expected to continue to prop up the index.

Prior to the surge, it had enjoyed strong support from 26000 which its most recent fall from the resistance at 29000, which allowed the index some support to rally back higher again. The fall has followed a strong period which saw the US30 index rally very well moving from a six week low to back above the key 28000 level and towards 29000, which offered stiff resistance again. The 29000 level also provided resistance to the US30 index in early September, when it was approaching its all time high set earlier in the year, and now it has finally broken through with an increase in volatility.

For the last three months, the US index has moved mainly between support at 27000 and resistance at 29000 and with the repeated attempts to break through 29000 being thwarted, it demonstrated how significant the most recent break through is. For a few weeks in July the US30 index met resistance at another key level of 27000 whilst bouncing off support at 26000, which is why the 27000 level is now offering some support to the index.

Throughout June, the index enjoyed solid support from another key level at 25000, while receiving some resistance from 26000 remaining in a range between these levels, up until the break a few weeks ago. Throughout April and May 25000 level had turned away the index on several occasions, reinforcing how significant the 25000 level had become in this period, and it has been able to provide some strong support to the index in the last month or so. Should the index decline further, the 25000 level will be expected to continue to offer support.

Former Chairman of the U.S. Federal Reserve (Fed), Janet Yellen has been identified by the President-elect Joe Biden as his choice for Treasury Secretary.  Financial markets have welcomed the news believing the former Chair will focus on fixing the economy rather than any political agenda.  After being the first woman chair of the Fed, she is poised to also become the first Treasury Secretary, and will start the role with enormous challenges ahead of her.  The country has a record level of and growing debt, thanks to government spending to combat the devastation caused by the coronavirus pandemic and huge unemployment.  Many are praising Mr Biden’s choice due to Ms Yellen’s performance with the central bank and is considered a widely respected economist who is expected to be focused on fixing the economy, rather than looking to regulate the banking sector even further.

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This post was written by Graeme Watkins

CEO Valutrades Limited, Graeme Watkins is an FX and CFD market veteran with more than 10 years experience. Key roles include management, senior systems and controls, sales, project management and operations. Graeme has help significant roles for both brokerages and technology platforms.