Huge Week for the USD

Huge Week for the USD

2023-02-14 • Updated

This week, there is a thrilling array of fundamental releases for the US Dollar. This array features several high-impact news releases like the Consumer Price Index (CPI), Retail Sales, and the Producer Price Index (PPI). The overall impact of this line-up remains to be seen, but we can formulate predictions based on the current price action on the DXY and the major pairs. Let's take a look at them right away!

US Dollar - Daily Timeframe

UsDollarDaily-1302.png

The Daily timeframe chart of the US Dollar index shows the price currently reacting from the 50-Day moving average and the 61.8 Fibonacci retracement. Considering the most recent break of the structure being bullish, I am expecting to see an initial bearish reaction from the Dollar. After that bearish reaction, we can hope for a bullish continuation from the drop-base-rally demand zone I have marked towards the bottom of the chart attached above.

Analysts’ Expectations: 

Direction: Bullish

Target: 104.739

Invalidation: 100.774

GBPUSD

GBPUSDDaily-1302.png

GBPUSD has recently broken below the trendline support of the rising channel. If the price rises to meet the trendline, I expect that to act as a bearish confirmation. The highlighted supply zone is also a crucial confluence to consider in favor of a bearish move.

Analysts’ Expectations: 

Direction: Bearish

Target: 1.19412

Invalidation: 1.24058

EURUSD

EURUSDDaily-1302.png

EURUSD is currently reacting from a confluence of the 50-Day moving average. However, the price action to the left suggests that the price needs to fill up the imbalance created by the break of the previous high. 

Analysts’ Expectations: 

Direction: Bearish

Target: 1.10386

Invalidation: 1.06004

XAUUSD - 4 Hour Timeframe

XAUUSDH4-1302.png

Gold has recently broken below the trendline support of the rising wedge, followed by a retracement and another structure break. Based on this, the order block responsible for the most recent structure break would act as an area of resistance. The 50-period moving average provides further confirmation in favor of a bearish reaction.

Analysts’ Expectations: 

Direction: Bearish

Target: $1,839.04

Invalidation: $1,890.70

CONCLUSION

The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.

TRY TRADING NOW

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