USD: Focus Shifts To Retail Sales & PPI

Ahead of the release of US February Retail Sales data, the US Dollar (USD) is showing a modest recovery. Analysts at BBH assess the potential impact of the upcoming data on the USD. A soft reading in spending could prompt another downward correction in the USD, as it might indicate a weakening consumer sentiment. Market expectations suggest a rebound in Retail Sales by 0.8% month-over-month (MoM) in February, following a 0.8% decline in January. Additionally, the Control Group Retail Sales, which exclude certain categories and feed into GDP calculations, are expected to rise by 0.4% in February after a 0.4% decline in the previous month. A robust performance in US consumer spending could dampen expectations of Fed funds rate cuts and bolster the USD, while any signs of spending struggling under higher interest rates may lead to a downside correction in the currency.

USDCAD - H1 Timeframe

The 1-hour timeframe chart on USDCAD is currently showing signs of a likely reversal. However, the fact that the price action has failed to break the previous high, or the trendline resistance could indicate a continuation of the bearish pressure in the meantime.

Analyst’s Expectations: 

Direction: Bearish

Target: 1.34501

Invalidation: 1.34957

NZDUSD - H1 Timeframe

There are visible signs of consolidation on the 1-hour timeframe chart of NZDUSD. The wedge pattern is supported even further by the presence of a second trendline support, which aligns perfectly with the 200-period moving average. As a result of these confluences, my sentiment on NZDUSD is bullish.

Analyst’s Expectations: 

Direction: Bullish

Target: 0.61922

Invalidation: 0.61476

USDJPY - H1 Timeframe

USDJPY has had a long streak of bearish momentum for weeks now with the most recent high remaining unbroken as yet. Considering the presence of a trendline resistance, Fibonacci retracement level, and the bearish array of the moving averages, I stand convinced that the bearish price action may continue.

Analyst’s Expectations: 

Direction: Bearish

Target: 147.403

Invalidation: 148.206

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

You can access more of such trade ideas and prompt market updates on the telegram channel.

Author: Adetola-Freeman Ogunkunle

Lainnya dari penulis ini

Menyerupai

29.03.2024 10:39 Pasar Waspadai Rilis PCE AS Meski Sebagian Besar Libur Jumat Agung

Pasar saham Asia sebagian besar libur untuk Jumat Agung pada perdagangan Jumat (29/03/2024). Dolar AS juga menguat terhadap euro sebelum data inflasi utama AS

29.03.2024 03:42 AUDUSD Berbias Bearish di Tengah Risk-Aversion

Dolar Australia menguat tipis di awal perdagangan akhir pekan ini, namun masih dalam tren penurunan. Pasar diperkirakan sepi karena memperingati Jumat Agung. Dolar AS menguat karena data ekonomi AS menunjukkan ekspansi,

28.03.2024 08:13 Data Ekonomi Australia Melemah, Seiring Melemahnya Inflasi

Pasar saham Asia memiliki sentimen sideways dengan bias bearish pada perdagangan Kamis (28/03/2024), karena adanya sentimen ketidakpastian menjelang data indeks harga PCE AS..penjualan ritel Australia dirilis lebih kecil dari perkiraannya.

Berita terbaru

02.04.2024 07:03 Yen Terus Terpuruk Mendekati Level Terendah Multi-Dekade

Yen Jepang gagal memikat para investor pada perdagangan Selasa (02/04/2024) meski ada peluang atas kemungkinan intervensi dan..Sentimen penghindaran risiko masih berpotensi memberikan kekuatan pada safe-haven

01.04.2024 08:22 Sanggupkan Emas Berlama-lama di Puncak?

XAUUSD naik ke rekor tertinggi baru pada perdagangan Senin (01/04/2024), di tengah meningkatnya spekulasi penurunan suku bunga..melanjutkan kenaikan kuat minggu lalu hingga membentuk level puncak baru sepanjang masa

01.04.2024 07:11 Sebagian Pasar Masih Libur, Yen Stabil di Bawah 152

Pasar saham Asia sebagian masih libur dan sebagian lagi menguat pada perdagangan Senin (01/04/2024), karena optimisme data pabrikan Tiongkok mendukung..potensi intervensi otoritas Jepang terhadap yen Jepang diperkirakan berada di zona 152 – 155 yen.