US Dollar on the defensive near 96.80

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, is trading on the negative ground around 96.80/75 following the results in the US calendar.

    US Dollar weaker post-data

    The dollar remains unable to pick up pace today in spite of the better-than-expected results from today’s releases. The greenback failed to gather traction after Markit’s Manufacturing PMI and Construction Spending both surpassed initial estimates at 54.1 and 0.6%, respectively.

    However, the more relevant ISM Manufacturing PMI has dropped to 3-year lows at 50.1, following a 6-year low in the ISM Manufacturing Employment (47.6 act. vs. 50.1 exp.)

    US Dollar significant levels

    As of writing the US Dollar Index is down 0.18% at 96.81 with the immediate support at 96.51 (low Oct.28) followed by 96.25 (200-day sma) and finally 95.86 (50% Fibo of 93.83-97.89). On the upside, a surpass of 97.89 (high post-FOMC Oct.28) would expose 98.40 (monthly high Aug.7) and finally 99.00 (psychological level).
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