Pattern – Ascending Triangle Support – 95.68 Resistance – 96.32
Today, we look at the USD index as price continues to trade rangebound after fighting back from a two-day decline. Could today’s CPI data break the deadlock and give the market some direction?
Traders will be watching to see what today’s data could do for rate rise expectations. Could a move above expectations lift price above resistance and get the current trend back on track? Or could a miss to the downside confirm an LH and break the trend, setting off fresh selling? If we see the data come in flat, this could maintain the current price range that we are seeing at the moment.
Keep an eye on today’s data when it’s released at 8:30 am EST, as it could produce some volatility if the figure comes out outside of market expectations.