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US Dollar keeps highs near 94.80

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback, tracked by the US Dollar Index, has recovered the smile on Tuesday and is managing well to keep the trade in the upper end of the range near 94.80.

    US Dollar stronger ahead of US data

    The index has recovered yesterday’s ground lost and is now finding some respite after bottoming out in fresh YTD lows near 94.30 on Friday. In addition, the context keeps favouring the risk aversion, propping up the buying interest around USD.

    Next on tap in the US calendar will be February’s Trade Balance figures, followed by Markit’s Services PMI and the more relevant ISM Non-manufacturing.

    US Dollar relevant levels

    The index is up 0.31% at 94.80 and a breakout of 95.31 (23.6% Fibo of 98.59-94.30) would open the door to 95.66 (20-day sma) and finally 96.42 (high Mar.28). On the flip side, the immediate support aligns at 94.30 (2016 low Mar.31) followed by 94.19 (monthly low Sep.18 2015) and then 93.83 (monthly low Oct.15 2015).
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