US Dollar Index finds support at 96.50
- The index moves higher after bottoming out at 96.50.
- US Durable Goods Orders came in below consensus.
- US Consumer Sentiment came in at 98.9 in November.
After recording fresh daily lows in the mid-96.00s, the greenback is now attempting a rebound to the 96.70 region when tracked by the US Dollar Index (DXY).
US Dollar Index looks to Euroland for direction
Despite the rebound, the index stays within the negative territory so far today, giving away part of yesterday’s positive performance to the proximity of the 96.90 region, or 2-day tops.
As usual, the greenback has been supported by increasing jitters surrounding the Brexit negotiations and the political arena in Italy, although those fears appeared somewhat alleviated today, giving some (temporary?) respite to the risk-associated assets.
In the US docket, Initial Claims, Durable Goods Orders and the final print of the Consumer Sentiment for the current month all came in below estimates, while on the brighter side, Existing Home Sales surprised to the upside, expanding 1.4% during last month.
US Dollar Index relevant levels
As of writing the index is losing 0.19% at 96.63 and a breakdown of 96.04 (low Nov.20) would aim for 95.68 (low Nov.7) and finally 95.71 (55-day SMA). On the upside, the immediate hurdle emerges at 96.84 (10-day SMA) seconded by 97.69 (2018 high Nov.12) and then 97.87 (61.8% Fibo retracement of the 2017-2018 drop).
Author
Pablo Piovano
FXStreet
Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.
