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US Dollar extends the rally above 96.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback, tracked by the US Dollar Index, keeps its buoyancy intact today, prompting USD-bulls to advance above the 96.00 limestone.

    US Dollar bounces off 94.50

    The index has already recovered the area of recent lows in the 95.90/40 band posted in the wake of the ECB and FOMC meetings last week, managing to regain the 96.00 mark and beyond while propped up by sentiment and buying interest.

    Data wise in the US, New Home Sales have come in a tad higher at 512K during February. In addition, and at his speech today, FOMC member J.Bullard argued the Fed should not hike rates while inflation expectations are falling. He also sees the US economy growing at a good pace in 2016.

    US Dollar relevant levels

    The index is up 0.42% at 96.08 and a breakout of 96.75 (20-day sma) would target 97.13 (200-day sma) and then 97.28 (50% Fibo of 99.95-94.61). On the other hand, the immediate support aligns at 94.61 (2016 low Mar.18) ahead of 94.19 (monthly low Sep.18 2015) and finally 93.83 (monthly low Oct.15 2015).
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