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US Dollar extends the rally beyond 96.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The US Dollar Index, which gauges the greenback vs. its main rivals, is extending the upside momentum beyond the 96.00 handle on Thursday.

    US Dollar daily gains capped near 96.40

    The index is posting its fifth consecutive session with gains today, prolonging the bounce off last week’s multi-month lows in the proximity of 94.50. Mixed results from the US docket today have prompted investors to take some profits, driving the dollar off daily highs near 96.40.

    In addition, St. Louis Fed’s James Bullard has joined fellow members on the hawkish side, arguing that the current pace of hikes could be very slowly.

    Next on tap for USD will be tomorrow’s Q4 GDP figures, expected to show the economy has expanded at an annual rate of 1.0%.

    US Dollar relevant levels

    The index is up 0.17% at 96.20 and a breakout of 96.69 (20-day sma) would target 97.13 (200-day sma) en route to 97.47 (55-day sma). On the other hand, the immediate support aligns at 95.87 (23.6% Fibo of 99.95-94.61) ahead of 94.61 (2016 low Mar.18) and finally 94.19 (monthly low Sep.18 2015).
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