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US Dollar weaker, slips below 99.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, is posting its second consecutive session with losses vs. its main rivals, trading off session lows in the 98.85/80 band.

    US Dollar supported by the 20-day sma

    Today’s USD pullback has found decent support in the 98.60 area, where currently sits the 20-day sma, managing to claw back some pips soon afterwards although the environment remains unfavourable for USD-bulls for the time being.

    A soft print from US Initial Claims during last week has added to the downbeat mood, with the 4-week average at the highest level since July.

    At his speech today in Memphis, St. Louis Fed President James Bullard argued that lower energy prices are having an impact on inflation expectations and could postpone consumer prices to reach the 2% target.

    US Dollar significant levels

    As of writing the US Dollar Index is down 0.11% at 98.81 with the immediate support at 98.33 (1-month uptrend) followed by 97.38 (100-day sma) and then 97.21 (50% Fibo of 93.82-100.60). On the flip side, a break above 99.73 (high Jan.6) would aim for 100.00 (psychological level) and finally 100.60 (2015 high Dec.3).
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