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US Dollar off lows, looks to regain 95.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback, gauged by the US Dollar Index, has managed to bounce off daily lows near 94.80 and is now approaching the 95.00 mark.

    US Dollar supported after ADP release

    The index is falling for the third straight session so far following the rejection from Monday’s peaks around 96.40.

    In the meantime, broad-based selling interest keeps hurting the US dollar after Chairwoman Janet Yellen have sounded more dovish than expected at her speech yesterday, at the same time (almost) ruling out a rate hike at the Fed meeting in April.

    Data wise in the US, the ADP Employment Change showed the private sector added 200K jobs during March, bettering prior surveys at 194K and up from February’s 205K (revised from 214K).

    US Dollar relevant levels

    The index is retreating 0.24% at 94.93 and a breakdown of 94.61 (2016 low Mar.18) would aim for 94.19 (monthly low Sep.18 2015). On the flip side, the next hurdle aligns at 95.54 (23.6% Fibo of 99.95-94.61) followed by 96.26 (20-day sma) and finally 96.46 (high Mar.28).

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