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US Dollar tumbles to lows near 94.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After climbing as high as the boundaries of 95.10, the US Dollar Index has rapidly faded the spike and returned to the negative territory near the 94.60 area.

    US Dollar bolstered by risk aversion

    Renewed sentiment towards the risk aversion has been propping up the recent advance of the greenback, although sellers seem to be clustered just above the 95.00 mark, prompting the current deep knee jerk.

    Nothing worth mentioning data wise in the US economy, while market participants keep warming up for the upcoming FOMC minutes. According to market consensus, recent comments by FOMC officials could motivate the Committee to deliver a mixed tone today, as opposed to the recent and dovish speech by Chairwoman Yellen.

    US Dollar relevant levels

    The index is retreating 0.07% at 94.56 and a breakdown of 94.30 (2016 low Mar.31) would aim for 94.19 (monthly low Sep.18 2015) and then 93.83 (monthly low Oct.15 2015). On the other hand, the next hurdle aligns at 95.31 (23.6% Fibo of 98.59-94.30) followed by 95.53 (20-day sma) and finally 96.42 (high Mar.28).
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