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US Dollar turns positive near 97.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback, measured by the US Dollar Index, has now returned to the positive territory after bottoming out in the 97.30 area.

    US Dollar propped up by data

    The index has quickly reverted the drop to session lows near 97.30 after US Durable Goods Orders have bettered expectations, expanding at a monthly pace of 4.9% during last month and leaving behind December’s 5% contraction at the same time.

    Further data saw Initial Claims coming in at 272K during the week ended on February 19, a tad below consensus and taking the 4-Week Average to 272K vs. 273K previous.

    The index is now clinging to daily gains, fading the post-data spike to the vicinity of 97.80.

    US Dollar relevant levels

    The index is up 0.07% at 97.58 facing the next hurdle at 97.94 (100-day sma) ahead of 98.07 (55-day sma) and then 98.85 (76.4% Fibo of 99.95-95.28). On the other hand, a breach of 96.38 (23.6% Fibo of 99.95-95.28) would target 94.19 (low Sep.18 2015) en route to 93.86 (low Oct.14).
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