US Dollar slumps to lows near 94.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Another day, another drop in the US Dollar Index, now hovering over multi-day lows in the 94.00 neighbourhood.

    US Dollar weaker after US releases

    The index is losing ground for the third consecutive session today, challenging the critical support at 94.00 and extending the leg lower from last week’s tops just above the 95.00 mark.

    Disappointing results from the US housing sector during March have added further downside pressure to USD, which has been already punished by the resurgence of the risk appetite sentiment since early trade.

    US Dollar relevant levels

    The index is down 0.35% at 94.16 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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