The US government revised its economic growth for the fourth quarter as consumer spending and exports were less than calculated earlier. The annual GDP expanded 2.4%, down from 3.2%. The US dollar fell to 79.69, a one-year low. In Friday's trading session, USD made a low at the level of 79.69, taking support from October 31, 2013, a low was at 79.68. The fall started at Thursday's trading session, when the price made a high at the level of 80.58, whereas the nearest resistance level was 80.61 50SMA.
In the Asia's trading session, USD is trading at the level of 79.86. In the hourly chart, RSI is giving positive divergence. If the price trades above the level of 79.93, we can see some pullback from the cmp on an intraday basis. In Friday's trading session, USD made a base at the level of 79.69. A break below it will attract more shorts.
S1 79.68 R1 79.93
S2 79.20 R2 80.45
Intraday- Buy with sl 79.68-79.67, targets 79.93, 80.05, and 80.20.
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