US Dollar Volatile, Tests Highs Near 93.80

US Dollar Volatile, Tests Highs Near 93.80

6 May 2016, 15:06
Roberto Jacobs

US Dollar Volatile, Tests Highs Near 93.80

The greenback, gauged by the US Dollar Index, has briefly tested lows near 93.20 following US Payrolls and quickly jumped to daily highs near 93.80.

US Dollar still up on the week

USD met a wave of selling pressure after US Non-farm Payrolls showed the economy has added 160K jobs during April, missing forecasts for a 202K gain and down from March’s 208K (revised from 215K).

Additionally, the jobless rate remained unchanged at 5.0% as forecasted and Average Hourly Earnings rose in line with expectations 0.3% on a monthly basis.

USD is closing the week with gains following last week’s deep retracement, managing to rebound from the 91.90 area on Tuesday, levels last seen in January 2015.

US Dollar relevant levels

The index is up 0.02% at 93.75 and a breakout of 94.07 (20-day sma) would aim for 95.18 (high Apr.22) and then 95.44 (55-day sma). On the flip side, the next support aligns at 91.89 (2016 low May 3) followed by 91.50 (low Jan.15 2015) and finally 87.23 (low Nov.17 2014).


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