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US Dollar weaker, tumbles below 98.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback, measured by the US Dollar index, is giving away part of the recent rally and is trading in sub-98.00 levels following mixed US data.

    US Dollar weaker on sentiment, data

    The selling mood around USD has been prevailing since early trade today, accentuated later by mixed reading from the US calendar, where February’s manufacturing PMI tracked by Markit, Factory Orders and Initial Claims have all missed expectations. On the bright side, the ISM Non-manufacturing surprised to the upside albeit a tad lower than January’s print.

    The greenback is thus retreating for the second consecutive session, down from multi-week tops around 98.60 posted earlier in the week.

    US Dollar relevant levels

    The index is losing 0.45% at 97.76 facing the next support at 97.61 (50% Fibo of 99.95-95.28) ahead of 97.11 (200-day sma) and finally 97.04 (20-day sma). On the other hand, a surpass of 98.85 (76.4% Fibo of 99.95-95.28) would open the door to 99.75 (high Jan.6) and then 99.95 (high Jan.21).
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