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US Data Goes 4 for 4 but USD Slides; Buy on Dip?

Today (8/21), we saw 4 US data points covering the jobs, manufacturing, and housing markets.

1) Jobless Claims: 298K, Forecast: 302K, Previous 312K

2) Flash Manufacturing PMI (Aug): 58.0, 55.7, 55.8 (revised down from 56.3)


3) Philly Fed Manufacturing Index (Aug): 28.0, Forecast: 19.7, Previous: 23.9 


4) Existing Home Sales (July): 5.15M, Forecast: 5.01M, Previous 5.03M

(All graphs courtesy of forexfactory.com)
Jobless claims fell below 300K for the 4th time this year. The first was in May, and the other three have been in Q2. This reflects a persistent improvement in the jobs market in 2014, except for the snag in Q1. 
Manufacturing data improved and beat forecast. This diminishes the concern that Q3 growth will not be as strong as Q2 growth. 
Existing Home Sales rose to the highest level this year in July. Earlier in the week, we saw Building Permits and Housing Starts data also improve and beat average forecasts. 
So, today's 4 for 4, and other data points from this week support the FOMC's hawkish tone which can be seen in the minutes for the August meeting, which was released on yesterday, 8/20. It is starting to look like the Fed will be raising rates sooner than the earlier projected time-line of mid-2015. The only thing that might be holding back Janet Yellen and her colleagues could be low inflation, and lack of wage growth. 
The USD was not able to extend this week's strength after the positive US data. Perhaps it is overbought in the short-term and is due for a correction. 

USDX 1H Chart 8/21


(click to enlarge)
Look for Buyers on the Dip:

When you look at the 1H US Dollar Index chart, you can see that price rallied after breaking above last week's consolidation pattern, which had resistance at 81.70. The USDX held at 82.36 and retreated, notwithstanding the strong US data. It is now breaking below a rising trendline, and the RSI is treatening to break below 40. 
Okay, so maybe the near-term momentum will not be bullish anymore, and the near-term trend might be shifting bearish. However, with both the fundamental and technical picture bullish, we should anticipate buyers as earlier as 82.00.
The bullish outlook is in play as long as price holds above last week's consolidation resistance at 81.70. Below 81.70, we might have to consider USDX neutral instead of bullish, but not bearish yet. 
If price continues higher and breaks above 82.36, the next resistance could be the high and resistance pivot in Sept. 2013, at 82.67.