Dollar rises to 3 1/2 month high after strong US labor data
The dollar jumped to 3 ½ month high on Friday after us labor data showed jobs growth accelerated above expectations in February.
Falling new Covid-19 cases and increased vaccination rate improved the sentiment, with better-than-expected US jobs data added to brighter outlook.
The dollar index holds firmly in green for the third straight day and also on track for the second straight bullish weekly close, with this week’s advance being the strongest since the last week of November.
Recovery rally from 89.11 (2021 low, posted on Jan 6) currently rides on the third wave, which cracked its 100% expansion that is required to verify wave principles and open way for extension towards targets at 93.03 (Fibo 138.2% expansion, reinforced by 200DMA) and 93.61 (161.8% expansion).
Bullish daily studies add to positive sentiment, with dips expected to offer better buying opportunities.
Res: 92.21; 93.03; 93.61; 94.00
Sup: 91.59; 91.26; 91.03; 90.76