US inflation data: U.S. consumer prices rose in February by 0.1% after a 0.6% January. On a yearly base, CPI was up 2.7%, the most since March 2012. The figures were consistent with the Fed’s inflation projections, leading to the Fed’s rate hike in March. Meanwhile, core CPI, excluding volatile food and fuel costs, rose 0.2% after a 0.3% increase in the previous month. It gained 2.2% from a year ago. Economists expected CPI to remain unchanged while core CPI to rise 0.2%. The rise in the cost of living over the past year had little effect since wage growth has also increased. CPI is expected to remain unchanged, while core inflation is anticipated to rise by 0.2% in Mach.
US Retail sales: U.S. retail sales inched up 0.1% in February after a 0.6% gain in the previous month, posting the smallest rise in six months. A more lukewarm activity was registered at electronics and appliances stores, apparel outlets and car dealers. However, purchases may have been temporarily restrained by a slowdown in individual tax refunds. The robust confidence, healthy job growth and steady incomes may re boost spending in the coming months. Core retail sales excluding automobiles and service stations increased 0.2% from 1.2% in the prior month. US retail sales are expected to increase by 0.1% with a 0.2% gain in core sales.
USD
US inflation data
US Retail sales
- EURUSD
Update: Nothing new for today as well. We remain bullish. As could be seen on the chart that the pair needs to confirm the breakout of the downside of the ascending channel shown on the chart above. Then we can go short targeting the level of 1.0500 during the week. On the other hand, if the pair goes up again to be traded above the broken downside of the pattern and to be exact, above the level of 1.0640, we may go long targeting the level of 1.0700 during the day.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0800 ▪-1.0900 ▪ 1.0950 |
▪ 1.0500 ▪-1.0600 ▪ — |
We remain bullish as long as the pair is traded within the channel |
- GBPUSD
Update: The pair now is very close to the downtrend line. Will it rebound? As could be seen on the chart that the pair is traded in a very narrow range that tends to be negative. We would also like to mention that the pair is facing a strong support level around 1.2350 so in case that this level is broken, we may go short targeting the level of 1.2300 during the day. Otherwise, we remain bullish that it may go up again targeting the level of 1.2500 during the day.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2500 ▪-1.2600 ▪ — |
▪ 1.2350 ▪ 1.2300 ▪ 1.2000 |
We remain bullish as long as the pair is traded above the level of 1.2350 |
- GOLD
Update: We remain the same. Within an ascending channel the gold is traded and it is about to reach the channel’s upside. The final target of the gold is around 1300 so we remain bullish as long as the pair is traded above the level of 1270.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1290 ▪ 1300 ▪ — |
▪ 1270 ▪ 1190 ▪ 1180 |
We remain bullish as long as the pair is traded below the level of 1270 |
- AUDUSD
Update: We are about to hit the target around 0.7600. A harmonic pattern could be seen on the chart above and the pair is facing a strong support level around 0.7455. In case the level of 0.7455 is broken, then the pair may continue going down to reach the level of 0.7415 during the day. Otherwise, we are bullish.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7720 ▪ 0.7800 ▪– |
▪ 0.7410 ▪ 0.7400 ▪ — |
We remain bearish as long as the pair is traded below the level of 0.7600 |
- GBPJPY
The pair managed to break through the level of 137 (which was a strong support level). So, we believe that as long as the pair is traded below this level, then the way is open for the pair to reach the level of 136 followed by 135.50.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 138 ▪ 137 ▪ — |
▪ 136 ▪ 135.50 ▪ — |
We remain bearish as long as the pair is traded below the level of 137 |
