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US Dollar turns negative around 97.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback, tracked by the US Dollar Index, is extending its downbeat momentum and putting the 97.00 handle under further pressure.

    US Dollar in 2-week lows

    The index is retreating for the second consecutive week so far, extending the rejection from recent peaks in the 98.60 area as market expectations of further hikes by the Federal Reserve during the current year seem to be dying off.

    Data wise in the US calendar, the NFIB index has come in short of expectations during February, while the weekly API report on crude stockpiles is due next.

    US Dollar relevant levels

    The index is losing 0.14% at 96.98 and a breach of 96.38 (23.6% Fibo of 99.95-95.28) would target 95.73 (7-month uptrend) en route to 95.28 (2016 low Feb.11). On the other hand, the initial hurdle aligns at 97.61 (50% Fibo of 99.95-95.28) followed by 98.01 (55-day sma) and finally 98.59 (high Mar.2).
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