Forex Trading Insights: Dollar Rangebound Ahead of CPI 2-13-24

John Whitmore February 13, 2024
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Forex Trading Pro Matt Reviews Major Currency Pairs Ahead of Key Events

Dollar Rangebound Ahead of Wednesday CPI Data Release

  • Dollar paused with support at early week open buy level
  • Resistance at 104.50 minor quarter level
  • Awaiting Wednesday CPI and UK employment data for next dollar move

Potential for Dollar Breakout Higher Above 104.50

  • Strong CPI could trigger dollar break above trendline
  • Breakout momentum could continue through 104.50 minor quarter level

EUR/USD Remains Below Weekly Open After Rejection

  • Trading underneath weekly open resistance
  • Has support at higher lows

AUD/USD Bullish Breakout Above Minor Wildcard Resistance

  • Closed above former wildcard resistance now support
  • Move came after repeated rejections at level

NZD/USD Makes Higher Lows Above 61.50 Support

  • Pattern of higher lows continues
  • 61.50 and weekly open provide support

GBP/USD Bounced Off Trendline With Support at Weekly Open

  • Price bounce came after test of ascending trendline
  • Weekly open adds to trendline support

GBP/JPY Breaks Bullishly Above Trendline Near Open

  • Close above trendline resistance now support
  • Next target is 149.50 resistance

Pound Outlook Positive on Good UK Employment Data

  • GBP positioned well technically ahead of releases
  • GBP could strengthen on upbeat UK numbers

Dollar Eyes Inflation Data for Catalyst Higher

  • CPI expected to show still elevated inflation
  • Strong inflation to boost dollar higher

Forex Trading Pro Matt provided an overview of the dollar’s performance and outlook given upcoming economic data releases. The dollar was rangebound today ahead of Wednesday’s CPI numbers and UK employment data.

The dollar is positioned to break higher above 104.50 minor quarter level resistance if CPI is strong. 

The EUR/USD remains below weekly open with support at higher lows. 

The AUD/USD made a bullish break above minor wildcard resistance. 

The NZD/USD continues to make higher lows above 61.50 support. 

The GBP/USD bounced off the trendline and has support at weekly open. 

The GBP/JPY also broke bullishly above the trendline near weekly open.

The outlook is for pound strength on positive UK data and potential dollar gains on bullish inflation figures this week.

Categories: FOREX Trading
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John Whitmore

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