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


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 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 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


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


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.


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