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US Dollar fades post-NFP spike, back below 99.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback, in terms of the US Dollar Index, is fading the post-Payrolls spike to the vicinity of 99.30, returning to the 98.80/70 band so far.

    US Dollar weekly upside capped at 99.70

    The dollar is giving away the initial albeit brief test of the 99.30 level in the wake of the strong results from the US labour market figures during December, where the economy has added 292K jobs vs. 200K initially forecasted.

    In addition, the unemployment rate stayed put at 5%, in line with the broad consensus. On the not-so-bright side, Average Hourly Earnings came in flat inter-month vs. an expected advance of 0.2%. Over the last twelve months, Average Hourly Earnings rose 2.5%.

    USD is netting an even week so far, as bulls failed to extend the upside momentum beyond the upper-99.00s posted during the first half of the week.

    US Dollar significant levels

    As of writing the US Dollar Index is gaining 0.44% at 98.75 with the immediate resistance at 99.73 (high Jan.6) ahead of 100.00 (psychological level) and then 100.60 (2015 high Dec.3). On the other hand, a breakdown of 98.01 (38.2% Fibo of 93.82-100.60) would open the door to 97.22 (100-day sma) and finally 95.92 (5-month uptrend).
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