US Dollar up & down… and down it goes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback has quickly faded the stab to daily highs just above the 98.00 handle, returning to the 97.30/20 band, or session troughs.

    US Dollar unresponsive on Payrolls

    The greenback has failed to sustain the jump beyond the 98.00 mark after the US economy has created more jobs than initially estimated during February (242K act. vs. 190K exp.), quickly deflating to fresh multi-day lows and snapping at the same time a 2-week positive streak.

    USD lost upside momentum after Payrolls’ details showed Average Hourly Earnings have contracted for the first time since December 2014, 0.1%, while Average Weekly Hours dropped to 34.4, all taking the Average Weekly Earnings to a drop pf 0.7%, the lowest level ever.

    US Dollar important levels

    The index is down 0.06% at 97.55 and a breach of 97.11 (200-day sma) would target 96.38 (23.6% Fibo of 99.95-95.28) en route to 95.28 (2016 low Feb.11). On the other hand, the immediate up barrier aligns at 98.85 (76.4% Fibo of 99.95-95.28) followed by 99.75 (high Jan.6) and finally 99.95 (high Jan.21).
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