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US Dollar resuming the downside, near 94.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback, tracked by the US Dollar Index, has reverted the initial upside and is now retreating to the mid-94.00s.

    US Dollar focus on Fedspeak

    The index is trading in the lower end of the daily range near 94.50, coming down from initial tops near 94.80. The positive USD sentiment following the disappointing meeting in Doha has quickly dissipated during the European morning, forcing USD to leave behind the upper-94.00s and add to Friday’s retracement.

    Ahead in the NA session, the NAHB index is next on tap, followed by speeches by New York Fed W.Dudley and Minneapolis Fed N.Kashkai.

    US Dollar relevant levels

    The index is down 0.09% at 94.61 with the next support at 93.62 (2016 low Apr.12) ahead of 93.16 (monthly low May.15 2015) and finally 92.52 (monthly low Aug.24 2015). On the other hand, a breakout of 95.21 (high Apr.14) would aim for 95.51 (38.2% Fibo of 98.59-93.62) and then 96.18 (55-day sma).
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