US Dollar leaps to 101.00 post-US data

Pablo Piovano FXStreet

The greenback, in terms of the US Dollar Index, has jumped back to the positive ground above 101.00 the figure in the wake of upbeat US data.

US Dollar bid after data

USD has rapidly reverted the drop to the area of 100.70 after US Consumer Sentiment gauge by the Reuters/Michigan index surpassed the preliminary reading for the month of February, up to 96.3 vs. 96.0 forecasted and 95.7 previous.

On the not-so-bright-side, New Home Sales rose below estimates to 555K units during last month, lower than consensus at 570K units and coming up from December’s 535K units.

The index regained both the positive territory and the 101.00 handle soon after the releases, eroding the initial negative sentiment and still on its way to clinch its third consecutive week with gains.

US Dollar relevant levels

The index is gaining 0.02% at 100.97 facing the next resistance at 101.34 (55-day sma) followed by 101.75 (high Feb.15) and finally 101.95 (23.6% Fibo of the November-January up move). On the other hand, a break below 100.66 (low Feb.24) would open the door to 100.55 (20-day sma) and then 100.40 (low Feb.16).

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.

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